ViraxClear Opens New Market for Distribution of Test Kits with Moroccan LOI
May 15 2020 - 3:05AM
Global Care Capital Corp.
(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 May 13th, 2020, signed a letter of
intent (“
LOI”) for the distribution of its
COVID-19 Rapid Antibody Test Kits (the “
Test
Kits”) for Morocco.
LOI for Test Kits Distribution in
Morocco
ViraxClear has signed an LOI to distribute up to
1,000,000 test kits, wherein Morocco based medical distribution
company Phyto Pharma Limited (“Phyto”) will become
ViraxClear’s exclusive distribution partner for the region of
Morocco. An initial Purchase Order for US $100,000 or approximately
11,100 test kits, is to be issued with the intention of entering
the Moroccan market. ViraxClear and Phyto are awaiting approval
from The Moroccan Medical Device Advisory Committee to allow the
sale of the test kits into Morocco. Phyto will be responsible for
funding the shipping costs of the test kits. ViraxClear will fulfil
future orders through its previously disclosed supplier, Shanghai
Liangrun Biomedicine (“SLB”) based out of
Shanghai, China. The Company has reviewed clinical trial data and
ViraxClear has conducted physical inspections of the test kits
manufactured by SLB. The test kits manufactured by SLB are also CE
marked.
Phyto representative Mohammed Khoulali noted “We
reached out to ViraxClear as we saw a wonderful opportunity to help
them access North Africa alongside us as partners. Given
ViraxClear’s strength in supplying high quality and robust test
kits at prices we know our customers can afford, there is a
distribution opportunity for the Moroccan market.”
Agreement between SBD and SLB
SBD currently contracts with SLB pursuant to the
terms of a sales agreement, in which SBD purchases antibody
COVID-19 test kits manufactured by SLB for the purposes of global
distribution. Under the terms of this arrangement, SBD provides
production orders to SLB from time to time as it identifies sales
opportunities and SLB prioritizes production from its facilities to
support these orders.
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. 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.
http://www.viraxclear.com
info@viraxclear.com
About Global Care
Global Care Capital is a global investment
company which specializes in providing early stage financing to
private and public companies. The Company engages in new, early
stage investment opportunities in previously underdeveloped assets
and obtaining positions in early stage investment opportunities
that adequately reflect the risk profile.
GLOBAL CARE CAPITAL
CORP.:
Company Contact:
Alex Somjen, President & CEO
asomjen@globalcarecapital.com
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