Avalon GloboCare Announces Commercialization and Distribution Agreement with Cellex for COVID-19 Antibody Rapid Test Kit
August 19 2020 - 9:00AM
Avalon GloboCare Corp. (NASDAQ: AVCO) (Avalon or The Company), a
clinical-stage global developer of cell-based technologies and
therapeutics, today announced that the Company has entered into a
commercialization partnership agreement with North Carolina-based
Cellex, Inc., whereby Avalon has been awarded distribution rights
to market Cellex’s COVID-19 antibody-based rapid test kit, which
has been granted U.S. FDA Emergency Use Authorization (EUA).
Avalon is also working with Cellex to source manufacturing
facilities and to develop next generation COVID-19 detection kits.
This agreement allows Avalon to initiate distribution and
marketing of the U.S. FDA EUA registered tests to the Company’s
designated network of channel partners and distributor affiliates,
both in the U.S. and internationally. These rapid test kits
are highly accurate and are able to detect IgG and IgM antibodies
specific to the SARS-CoV-2 that causes COVID-19 in serum, plasma,
and whole blood within 15 minutes.
“The rapid spread of COVID-19 around the world has driven demand
for SARS-CoV-2 detection, especially for rapid antibody testing,”
stated David Jin, M.D., Ph.D., President and Chief Executive
Officer of Avalon. “The global COVID-19 rapid test kit market
is expected to reach $3.52 billion by the end of 2020. We look
forward to leveraging our international network of strategic
partners to commercialize this differentiated COVID-19 rapid
test. At the same time, we are continuing our efforts to
rapidly advance technologies to help combat the international
COVID-19 pandemic through our ongoing programs in S-layer mucosal
vaccine development and the AVA-Trap™ therapeutic and blood
filtration system to combat cytokine storms.”
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: AVCO) is a clinical-stage,
vertically integrated, leading CellTech bio-developer dedicated to
advancing and empowering innovative, transformative immune effector
cell therapy, exosome technology, as well as COVID-19 related
diagnostics and therapeutics. Avalon also provides strategic
advisory and outsourcing services to facilitate and enhance its
clients' growth and development, as well as competitiveness in
healthcare and CellTech industry markets. Through its
subsidiary structure with unique integration of verticals from
innovative R&D to automated bioproduction and accelerated
clinical development, Avalon is establishing a leading role in the
fields of cellular immunotherapy (including CAR-T/NK), exosome
technology (ACTEXTM), and regenerative therapeutics. For more
information about Avalon GloboCare, please visit
www.avalon-globocare.com.
Forward-Looking Statements
Certain statements contained in this press release may
constitute "forward-looking statements." Forward-looking statements
provide current expectations of future events based on certain
assumptions and include any statement that does not directly relate
to any historical or current fact. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors as disclosed in our
filings with the Securities and Exchange Commission located at
their website (http://www.sec.gov). In addition to these factors,
actual future performance, outcomes, and results may differ
materially because of more general factors including (without
limitation) general industry and market conditions and growth
rates, economic conditions, and governmental and public policy
changes. The forward-looking statements included in this press
release represent the Company's views as of the date of this press
release and these views could change. However, while the Company
may elect to update these forward-looking statements at some point
in the future, the Company specifically disclaims any obligation to
do so. These forward-looking statements should not be relied upon
as representing the Company's views as of any date subsequent to
the date of the press release.
Contact Information: Avalon GloboCare Corp.4400 Route 9, Suite
3100Freehold, NJ 07728PR@Avalon-GloboCare.com
Investor Relations:Crescendo Communications, LLCTel: (212)
671-1020 Ext. 304avco@crescendo-ir.com
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