Todos Medical Enters Into COVID-19 PCR Testing Implementation and Equipment Financing Partnership with AID Genomics
NEW YORK, NY, REHOVOT, Israel, and SINGAPORE, Sept. 25, 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 that it has entered into an implementation and equipment financing partnership with AID Genomics, a multi-national genomic R&D company and solution provider focusing on precision medicines for cancers and infectious diseases. AID Genomics recently completed a contract with the Ministry of Health in Israel to build and scale-up 6 HMO laboratories in Israel. In addition, AID Genomics has entered into a worldwide partnership with Tecan Group for delivery of liquid handler machines. AID has sent key staff from Israel to the United States to assist Todos in its current US implementation projects.
“We are excited to enter the US market in partnership with Todos Medical,” said Snir Zano, CEO of AID Genomics. “We have developed a proven, scalable solution that can now be implemented via Todos Medical in the US. Now that Todos has reached the level of scale with its clients that justifies a formal relationship, we believe that we can leverage this partnership through Todos’ sales channels and drive significant uptake of our integration solutions and dramatically increase PCR testing capacity for the US.”
Under the terms of the agreement, AID Genomics will finance the purchase of the equipment necessary to allow Todos’ clients to scale to meet their capacity requirements and will assist Todos in the implementation of best practices to speed time to scale and optimize sample accessioning and data reporting software. In return, AID Genomics will participate in the net profit of each contract. Additionally, AID Genomics will assist Todos with validating and commercializing its proprietary tests in Israel.
“We are very pleased to formally enter into this partnership with AID Genomics that gives us access to proven implementation know-how and stable access to key automation technology that will allow our clients to reach their desired testing capacity,” said Gerald Commissiong, President & CEO of Todos Medical. “We now intend to aggressively pursue new laboratory equipment and reagent supply agreements with access to non-dilutive funding that the AID Genomics relationship brings us so that we can meet the significant testing needs emerging in the US.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com
For testing and PPE inquiries, please email email@example.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. 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.
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain. In July 2020, Todos completed the acquired Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property, from Amarantus Bioscience Holdings, Inc. (OTC: AMBS).
Additionally, 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 has formed strategic partnerships with Meridian Health, Moto-Para Foundation to 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.
Kim Sutton Golodetz
LHA Investor Relations
Senior Vice President
(917) 983-4229 ext. 103
Released September 25, 2020