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Rapid COVID-19 Test Kit
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VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ViraxClear, through its joint venture, Shanghai Biotechnology Devices Ltd. (“SBD”) has, on August 27th, 2020, signed a non-binding LOI with Blue Med (Pty) Ltd. (“Blue Med”) for the distribution of up to 5 million COVID-19 Rapid Antibody Test Kits (“Test Kits”) for the South African market, a contract valued at up to $25 million in gross revenue. The Test Kits will be supplied by ViraxClear’s previously announced supplier, Shanghai Liangrun Biomedicine Technology Co., Ltd (“SLB”).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/522a2204-291b-4035-9e35-a6ff4129f8b3
James Foster, CEO of Virax Clear, states: “This represents a significant step forward for ViraxClear in terms of our global ambitions within the company. We are delighted to add such a strategic distribution region to our portfolio, particularly given the scale of operations Blue Med are able to deliver.”
Distribution Contract for Test Kits in South Africa
The LOI provides for a 90-day exclusivity period during which ViraxClear and Blue Med intend to sign a definitive agreement with a total contract value of up to $25 million for 5 million test kits.
South African Health Products Regulatory Authority (SAHPRA) has approved the tests for distribution in South Africa.
Blue Med is a diversified construction, property development, medtech distribution and management group that was established in 2007. They are headquartered in Randburg, South Africa.
About ViraxClear
ViraxClear focuses on commercializing novel products that address significant healthcare needs with a specific target on the novel coronavirus (COVID-19). The company’s main focus is marketing its ViraxClear Rapid IgM-IgG Combined Antibody Test and ViraxCare PPE. The ViraxClear Rapid IgM-IgG Combined Antibody Test for COVID-19 is a lateral flow immunoassay used to qualitatively detect both early and late marker IgG/IgM antibodies. ViraxCare is aimed at minimizing at-work risks by supplying PPE for employees and innovative products and devices which monitor potential viral outbreaks.
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