Todos Medical Announces SARS-nCoV-19 Testing Kit Contract with NJ-Based Best Supply Clinical Laboratory
- Todos Appoints Mr. Andrew Blumenthal, RN as VP Business Development
REHOVOT, Israel and NEW YORK, NY, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for the early detection of cancer and Alzheimer’s disease, today announced the Company has entered into a contract to supply NJ-based laboratory Best Supply, Inc. with COVID equipment and reagents to enter the COVID testing field. The total value of the contract is initially $1,400,000. Best Supply is a NJ-based laboratory seeking CLIA/CAP certification to initiate COVID-19 testing. Concurrent with this announcement, Todos appointed Mr. Andrew Blumenthal, RN as Vice President of Business Development for COVID Testing.
Best Supply Agreement
Under the terms of the contract with Best Supply, Todos Medical will supply the equipment, training and software necessary to run an optimized automated PCR laboratory with capacity to run 300 tests per day, with the priority right to supply equipment and supply to scale up to 75,000 tests per day for SARS-CoV-2, the virus that causes COVID-19.
“This agreement will allow additional capacity to come online in the New York / New Jersey Area to bring additional options for the local community seeking greater access to COVID testing,” said Mr. Gerald Commissiong, President & CEO of Todos Medical. “This is a great example of how we can get involved with young labs who are eager to grow rapidly in the COVID-19 testing space.”
Earlier this month Todos Medical licensed exclusive rights from 3D Medicines Corporation (3D Med) to seek U.S. Food & Drug Administration (FDA) Emergency Use Authorization (EUA) for 3D Med’s SARS-CoV-19 testing products, as well as exclusive branding and distribution rights to 3D Med’s qPCR test kits in the U.S. 3D Med recently completed an expansion of its extraction reagent manufacturing capacity, adding 1 million extraction reagent production per week (~140,000 per day). 3D Med has validated SARS-CoV-2 pool testing at a ratio of 10:1 and Todos intends to complete pool testing validation in the U.S. in the coming weeks, with plans to seek U.S. FDA EUA over the summer of 2020. Todos intends to be ready to deploy pool testing broadly for back-to-school and return-to-work testing, which Todos expects to ramp up significantly in the second half of the 2020 third quarter.
Appointment of Mr. Andrew Blumenthal, RN as VP Business Development COVID Testing
Mr. Andrew Blumenthal, RN, comes to Todos with over 20 years in the healthcare industry.
Mr. Blumenthal is a seasoned health care professional with an extensive and eclectic background in medical project financing, product technology development and implementation with emphasis on both corporate development and product implementation. Performing hundreds of technical lectures and in-services internationally, Mr. Blumenthal has proven results in healthcare product and systems sales, team building and team management. Mr. Blumenthal leverages his deep industry knowledge of the medical service industry and long-term relationships to create joint ventures between physicians and healthcare organizations to optimize economies of scale and productivity.
Prior to joining Todos Medical, Mr. Blumenthal served in executive management positions, including DDU Advisory Service, where Mr. Blumenthal secured offerings for projects including the ground up construction of a 200-physician state-of-the-art hospital and wellness facility. Mr. Blumenthal is a C-suite officer in the California-based Global Diabetes Network, the Managing Director of Frontier Medical Ventures, President of business development and DON for Cross River Medical and a partner in Goodlight Capital Group Latin America.
“We are very pleased to announce Mr. Blumenthal’s appointment as our Vice President of Business Development for our COVID-19 business,” said Gerald E. Commissiong, President & CEO of Todos. “Andrew is a seasoned executive who understands the intricacies of the healthcare services space in the United States and internationally. Given the need to bring different groups together that previously did not interact regularly with the healthcare system in order to administer COVID-19 testing, we believe Andrew’s role as a registered nurse will be invaluable as we work to bring additional national COVID-19 testing capacity online.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com
For testing and PPE inquiries, please email firstname.lastname@example.org.
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. 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 third 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 third quarter of 2020.
Todos has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover 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, via its wholly-owned subsidiary Corona Diagnostics LLC, has formed strategic partnerships with Meridian Health, Moto-Para Foundation, Emerald Organic Products, Inc.’s subsidiaries Carie.com and Bonsa Health to help deploy COVID-19 testing in the United States.
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:
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LHA Investor Relations
Senior Vice President
Released July 27, 2020