ViraxClear Opens New Markets for Distribution of Test Kits with Distribution Contract in Philippines
May 19 2020 - 7:30AM
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
14th, 2020, finalized an agreement for the distribution of its
COVID-19 Rapid Antibody Test Kits (“
Test Kits”)
for the Philippines.
Distribution Contract for Test Kits in
Philippines
ViraxClear has signed a contract for
distribution of up to 1,000,000 test kits, wherein Philippines
medical device distribution company Novarad Asia Pacific Company
(“Novarad”) will become ViraxClear’s exclusive
distribution partner for the region of the Philippines. An initial
purchase order for US $75,000 or approximately 10,000 test kits has
been signed. ViraxClear will fulfil future orders through its
previously disclosed supplier of test kits manufactured by Innovita
Biological Technology Co., Ltd. (“Innovita”),
Shanghai CP Adaltis Diagnostics Co., Ltd. (“Shanghai
CP”). The initial term of ViraxClear’s agreement with
Novarad is one year. Novarad will be responsible for funding the
shipping costs of the test kits.
Sheilla Johnson, President of Novarad commented
“We see ViraxClear as a strong partner for us to continue our
distribution of antibody test kits in the Philippines. We want to
add value in distributing to hospitals and government agencies such
as the department of defence. We feel ViraxClear are the perfect
partners for us to do that. ViraxClear has aided us in our
applications to local government agencies helping us to secure
contracts with them and hopefully many more in the future”.
James Foster, ViraxClear CEO stated “With a
population of over 100 million people, the Philippines represents a
strong market for ViraxClear to enter into as we seek to expand our
distribution network around Asia.”
The Philippines Food and Drug Administration
(PFDA), requires test kits to be on their approved list. Innovita
is one of the approved suppliers and is one of ViraxClear’s
suppliers following its recent strategic supply contract with
Shanghai CP. The Innovita test kits are also CE marked and National
Medical Products Association (NMPA), formerly known as the Chinese
Food and Drug Administration (CFDA) approved. Innovita test kits
have performed particularly well during preliminary clinical tests
carried out by the COVID-19 Testing Project; a multidisciplinary
team of researchers and physicians at UCSF, UC Berkeley, Chan
Zuckerberg Biohub and Innovative Genetics Institute.
Agreement Between SBD and Shanghai CP
Pursuant to the SBD contract with Shanghai CP,
SBD has agreed to purchase Test Kits manufactured by Innovita, with
a right to distribute and sell those kits into the European Market
and pursuant to an amendment to the contract allowing for
distribution of the test kits in any region subject to written
notice, the Philippines. Under the terms of this arrangement, SBD
provides production orders to Shanghai CP, from time to time as it
identifies sales opportunities at which point Shanghai CP will
allocate 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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