Calgary,
Alberta, Canada -- April 16, 2020 -- InvestorsHub NewsWire
-- FluroTech Ltd.
(TSXV:
TEST)
(OTCQB:
FLURF),
is pleased
to announce that it has
entered into
a
strategic
Agreement
in Principle
with Alberta
BioPhotonics Inc. ("ABP")
and Albany Medical
College ("AMC") to form FluroTest LLC ("FluroTest").
The
CompleTestTM
adaptation is
expected to take approximately three months with trials planned
shortly thereafter. We caution that FluroTest is taking the existing
technology developed by FluroTech and adapting that technology to
be able to test for COVID-19. We are still in the early stages of research and development
and are not making any express or
implied claims that it can accurately diagnose COVID-19
virus at this time. FluroTech and ABP are majority
shareholders in FluroTest.
The collaboration
will have primary focus on adapting FluroTech's CompleTestTM
platform
technology to test for a range of viruses including
COVID-19, as well as accurately
determining viral load. Additionally, FluroTest believes its technology can also be adapted to
allow for the
detection of specific anti-SARS-CoV-2 human antibodies in blood
samples, potentially confirming the
development of immunity. Once
developed, both tests would be administered at
point-of-collection with results expected to be
available in less
than 15 minutes.
The
Team
FluroTest's
technology
development efforts require unique expertise in spectroscopy and
fluorescence as well as immunology and virology. This
initiative is a collaborative effort between U.S. and Canadian
scientists with deep experience in their respective
fields.
For immunology and
virology expertise, FluroTest has partnered with Albany Medical
College's immunology and
microbial
disease
department.
AMC
is located
in the State
of New York. The
Department's research team is led by Dennis
Metzger,
Ph.D., professor and
chair
of the department, along with assistant
professor Kouacou Konan, Ph.D., who is working with FluroTech
to develop the technology. Dr. Konan's research program concentrates
on virus
detection and the mechanisms responsible
for viral disease
pathogenesis.
The
program is
supported by a Biosafety Level 3 laboratory
that allows for the use of highly virulent
pathogens and is one of the few such facilities in the state of New
York. Dr. Konan has obtained approval for
Covid-19 work in his Level-3 laboratory. As part of Albany Medical
Center, the
only academic medical center and Level 1 Trauma Center
serving
northeastern New York and western New England, Albany Medical College is in a
unique position to begin large scale sample collection
and clinical trials
which will assist in obtaining regulatory approvals including FDA
approval. "My colleagues and I look
forward to collaborating with Dr. Elmar Prenner and the
fluorescence spectroscopy laboratory at the University of Calgary"
noted Dr. Konan. "This initiative enriches
our mission
of patient care, research and education—three critical factors to
address this difficult viral problem
for the people we
serve."
FluroTech's
fluorescence
spectroscopy laboratory at the University of
Calgary, is led by Dr. Elmar Prenner.
Dr. Prenner is the original developer of the technology owned by AB
Photonics. Dr. Prenner, a professor at the University of Calgary
within the department of Biological Sciences, serves as senior
science advisor of FluroTech and brings over 28 years of expertise
in fluorescence spectroscopy. "We are proud to commit our
CompleTestTM
platform technology
and ongoing discovery efforts to partner with Albany Medical College's
team to find solutions to the difficult problems posed by viruses,
and Covid-19 in particular", said Dr. Elmar
Prenner.
About Albany
Medical Center
Albany Med,
northeastern New York's only academic health sciences center, is
one of the largest private employers in the Capital Region. It
incorporates the 766-bed Albany Medical Center Hospital, which
offers the widest range of medical and surgical services in the
region, and Albany Medical College, which trains the next
generation of doctors, scientists and other healthcare
professionals. It also includes a biomedical research
enterprise and the region's largest physician's practice with more than 500
doctors. Albany Med is affiliated with Columbia Memorial Health and
Saratoga Hospital to provide the largest locally governed health
system in the region. Combined, our system has more than 1,100 beds
and nearly 100 outpatient locations throughout the
Capital Region.
Albany Med works with dozens of community partners to improve the
region's health and quality of life. For more information:
www.amc.edu or
www.facebook.com/albanymedicalcenter.
About
FluroTech
(TSXV: TEST)
(OTCQB: FLURF)
FluroTech's
proprietary
spectroscopy-based technology allows for the testing and
identification of organic and inorganic compounds contained within
biological samples for specific
applications. Using technology that was
first developed at the University of Calgary, FluroTech
has created a
two-part solution comprised of its CompleTest™
platform technology
and consumable testing kits. Its accuracy has been independently
validated. FluroTech continues to develop additional applications
for the CompleTestTM
platform
technology. To learn more, visit
FluroTech.com
About
FluroTest
LLC
FluroTest
is seeking
additional capital in the near-term and will also be
exploring
strategic
partnerships with manufacturing and distribution companies to
advance the deployment of the new test that's being
developed. To learn more, visit
FluroTest.com
About
Alberta BioPhotonics
Inc.
Alberta
BioPhotonics
Inc.
focuses on identifying market opportunities to commercialize
its proprietary
spectroscopy-based technology. ABP
is controlled
by some of the same officers and directors as FluroTech
and
currently holds approximately 33% of the common shares of
FluroTech.
Contact
Information
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities. The
securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state and may not be offered
or sold within the United States or to or for the benefit or
account of U.S. persons, absent such registration or an applicable
exemption from such registration requirements.
Cautionary
Statement Regarding Forward-Looking Information
This news release
contains "forward-looking information" within the meaning of
Canadian securities legislation. Forward-looking information
generally refers to information about an issuer's business,
capital, technology or operations that is prospective in nature,
and includes future-oriented financial information about the
issuer's prospective financial performance or financial position.
The forward-looking information in this news release includes
disclosure about the formation of FluroTest and the capital structure
thereof, the ability to adapt FluroTech's CompleTestTM
platform technology
to test for viruses, including COVID-19, as well as accurately
determining viral load, the ability to adapt the technology to
allow for the detection of specific anti-SARS-CoV-2 human
antibodies in a patient's blood sample, and the speed and accuracy
of such testing, the need for financing of FluroTest in the near term and the
formation of strategic partnerships for the deployment and
distribution of the technology. The Company made
certain material assumptions, including but not limited to
prevailing market conditions and general business, economic,
competitive, political and social uncertainties, as well as the
ability to adopt the CompleTestTM
technology as
described herein in a timely manner and to obtain the financing
required in connection with the same, to develop the
forward-looking information in this news release. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Actual results may
vary from the forward-looking information in this news release due
to certain material risk factors described in the Corporation's
Annual Information Form under the heading "Risk Factors" and the
failure to adapt the CompleTestTM
technology as
contemplated herein in a timely manner or at all, the risk that
competitors will develop a similar or superior testing platform,
the technology not having the anticipated testing benefits, the
inability of FluroTest to obtain the necessary
financing to achieve its purpose on satisfactory terms or at all,
the failure to form strategic partnerships necessary to deploy and
distribute the technology. The Company cautions that the foregoing
list of material risk factors and assumptions is not
exhaustive.
The Company assumes
no obligation to update or revise the forward-looking information
in this news release, unless it is required to do so under Canadian
securities legislation.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this
release.
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