Todos Medical Enters Into Cross-Distribution Agreement With L1 Systems for Ventilators and COVID Testing
- Todos gains distribution rights to LifeCan Ventilator in Brazil, Mexico & Latin America
- Ventilator access will help prospective government and NGO procurers of COVID-related medical products reduce need for additional suppliers to address critical health needs
- L1 distribution network will provide untapped market access for Todos’ tests
REHOVOT, Israel, SINGAPORE and NEW YORK, NY, May 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on the distribution of a comprehensive suite of solutions for the screening and diagnosis of COVID-19 and the development of blood tests for the early detection of cancer and Alzheimer’s disease, today announced that it has entered into a cross-distribution agreement with L1 Systems, Ltd., a wholly-owned subsidiary of Medigus, Ltd. (NASDAQ:MDGS) (TASE:MDGS), for the distribution of COVID-19 related products, including ventilators. Todos is making available to L1 its comprehensive suite of testing solutions that covers best-in-class RNA extraction equipment, RNA extraction reagents, qPCR reagents, Digital PCR reagents and US-validated SARS-CoV-2 rapid point-of-care antibody test kits for non-exclusive distribution. L1 is making available to Todos the LifeCan ventilators, manufactured by Elbit Systems, for non-exclusive distribution in Mexico and Latin America, including Brazil. This agreement strengthens both companies’ core offerings and allows each company to focus on markets where they are developing reliable sales channels.
“Given that Todos’ team has been focused recently on penetrating the Latin American market, where a marked uptick in COVID-19 infections has led to a significantly increased need for COVID-19 testing and critical care treatment options, we believe gaining access to a high quality medical grade ventilator will further bring attention to Todos’ test offering due to the severe global shortage in ventilators,” said Gerald Commissiong, President & CEO of Todos Medical.
Mr. Commissiong continued, “When a country is dealing with a pandemic crisis such as COVID-19, getting trusted sources of medical supplies from which a procurement agent can acquire multiple lines of needed products substantially increases a supplier’s profile within that procurement agency, and provides the supplier an opportunity to expose the procurer to the rest of its portfolio in a more comprehensive way. Ventilators are often the difference between life and death when treating patients, and we believe getting access to a nimble and tailored product such as LifeCan – a simple, high-quality product that was designed in Israel to respond to many of the recent concerns with the established medical ventilator designs – gives Todos a significant edge when competing for contracts from foreign governments, hospital systems and others users of healthcare products and services. As we continue to build our international import/export division, this agreement positions Todos to stand out from other companies competing for contracts in key markets.”
About the SARS-CoV-2 Coronavirus (COVID-19)
Coronaviruses are a family of viruses that can lead to respiratory illness, including Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). Coronaviruses can be transmitted between animals and people and evolve into strains not previously identified in humans. On January 7, 2020, a novel coronavirus (SARS-CoV-2) was identified as the cause of pneumonia cases in Wuhan, Hubei Province of China, and additional cases have been found in a growing number of countries worldwide. COVID-19 is the disease caused by SARS-CoV-2.
About Medigus, Ltd.
Medigus is traded on the Nasdaq Capital Market and the TASE (Tel Aviv Stock Exchange). To learn more about the company’s advanced technology, please visit www.medigus.com.
About Todos Medical Ltd.
Headquartered in Rehovot, Israel, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe and are currently in a pre-commercial study with its distribution partner Orot+ (a division of Luces-Orot). Todos recently entered into an exclusive option agreement to acquire U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The transaction is expected to close in the second quarter of 2020.
Through Breakthrough Diagnostics, Inc., its joint venture with Amarantus Bioscience Holdings, Inc. (OTC: AMBS), Todos is also actively involved with the development of blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. Todos expected to complete the remaining unowned interest in Breakthrough in the second quarter of 2020.
Todos recently entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The Company has entered into distribution agreements with multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States. Todos has formed Corona Diagnostics, LLC, a strategic collaboration with Emerald Organic Products, Inc. (OTC: EMOR), to support telemedicine and virtual pharmacy aspects of the commercialization of its COVID-19 return to work testing programs in the US.
For more information, please visit https://www.todosmedical.com/
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Investor and Corporate Contact:
Kim Sutton Golodetz
LHA Investor Relations
Senior Vice President
Released May 26, 2020