Qorvo® Point-of-Care Diagnostic Platform Achieves Key Development Milestone
May 07 2020 - 4:30PM
Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF
solutions that connect the world, today announced achievement of a
key milestone in the development of a veterinary point-of-care
(POC) diagnostic platform for Zomedica Pharmaceuticals Corp.
Zomedica announced that its TRUFORMA™ POC platform, based on
Qorvo’s acoustic resonators, and first assay have completed final
verification. This is a critical milestone to enabling commercial
manufacturing production capabilities.
Qorvo Biotechnologies LLC, a wholly owned subsidiary of Qorvo
US, Inc., signed a development and supply agreement in 2018 with
Zomedica (NYSE American: ZOM) for its POC platform to be tested for
veterinary use. Under the agreement, Qorvo is responsible for
developing the POC diagnostic instrument and related assay
cartridges, while Zomedica is responsible for the validation,
marketing and sale of the assays, instruments and related assay
cartridges. Zomedica’s TRUFORMA platform uses Qorvo's
differentiated sensors, derived from the fundamental bulk acoustic
wave (BAW) technology that is deployed in approximately 2 billion
devices worldwide. In this new POC application, Qorvo combines
expertise in RF devices, microfluidics and medical test platform
integration.
“This milestone is the culmination of six years of intensive
research, development and application of our proven RF technology
to fast and accurate point-of-care diagnostics,” said James Klein,
president of Qorvo Infrastructure and Defense Products, the
business under which the company’s biotechnology work is being
done. “While our focus has been on the immunoassay market, we
see potential to use this capability for molecular diagnostics,
enabling a dual-use POC platform for rapid and accurate
identification of infectious diseases in humans including viral
pathogens.”
Using acoustic resonators introduces a compelling and proven
technology to the veterinary diagnostics market, offering a
differentiated detection technique from existing optical or
fluorescence methods. Qorvo’s acoustic-resonator-based POC solution
testing indicates higher sensitivity than these traditional
detection methods, offering performance and accuracy at the
point-of-care that is similar to central lab testing.
The Qorvo testing platform is an investigational technology
currently limited to investigational use and is not available for
sale.
About Qorvo
Qorvo (Nasdaq:QRVO) makes a better world possible by providing
innovative Radio Frequency (RF) solutions at the center of
connectivity. We combine product and technology leadership,
systems-level expertise and global manufacturing scale to quickly
solve our customers’ most complex technical challenges. Qorvo
serves diverse high-growth segments of large global markets,
including advanced wireless devices, wired and wireless networks
and defense radar and communications. We also leverage unique
competitive strengths to advance 5G networks, cloud computing, the
Internet of Things, and other emerging applications that expand the
global framework interconnecting people, places and things.
Visit www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and
in other countries. All other trademarks are the property of
their respective owners.
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements about our
plans, objectives, representations and contentions, and are not
historical facts and typically are identified by use of terms such
as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential,"
"continue" and similar words, although some forward-looking
statements are expressed differently. You should be aware
that the forward-looking statements included herein represent
management's current judgment and expectations, but our actual
results, events and performance could differ materially from those
expressed or implied by forward-looking statements. We do not
intend to update any of these forward-looking statements or
publicly announce the results of any revisions to these
forward-looking statements, other than as is required under U.S.
federal securities laws. Our business is subject to numerous
risks and uncertainties, including those relating to fluctuations
in our operating results; our substantial dependence on developing
new products and achieving design wins; our dependence on a few
large customers for a substantial portion of our revenue; a loss of
revenue if contracts with the United States government or defense
and aerospace contractors are canceled or delayed or if defense
spending is reduced; our dependence on third parties; risks related
to sales through distributors; risks associated with the operation
of our manufacturing facilities; business disruptions resulting
from natural disasters, extreme weather conditions and public
health issues, including the outbreak of COVID-19; poor
manufacturing yields; increased inventory risks and costs due to
timing of customer forecasts; our inability to effectively manage
or maintain evolving relationships with platform providers; risks
from international sales and operations; economic regulation in
China; changes in government trade policies, including imposition
of tariffs and export restrictions; our ability to implement
innovative technologies; underutilization of manufacturing
facilities as a result of industry overcapacity; we may not be able
to borrow funds under our credit facility or secure future
financing; we may not be able to generate sufficient cash to
service all of our debt; restrictions imposed by the agreements
governing our debt; volatility in the price of our common stock;
damage to our reputation or brand; fluctuations in the amount and
frequency of our stock repurchases; our recent acquisitions and
other strategic investments could fail to achieve financial or
strategic objectives; our ability to attract, retain and motivate
key employees; our reliance on our intellectual property portfolio;
claims of infringement of third-party intellectual property rights;
security breaches and other similar disruptions compromising our
information; theft, loss or misuse of personal data by or about our
employees, customers or third parties; warranty claims, product
recalls and product liability; and risks associated with
environmental, health and safety regulations and climate
change. These and other risks and uncertainties, which are
described in more detail in Qorvo's most recent Annual Report on
Form 10-K and in other reports and statements filed with the
Securities and Exchange Commission, could cause actual results and
developments to be materially different from those expressed or
implied by any of these forward-looking statements.
Investor Relations Contact: Doug DeLieto VP,
Investor Relations W +1-336-678-7968 |
Media Contact: Brent DietzQorvo Director of
Corporate CommunicationsW + 1
336-338-2711brent.dietz@qorvo.com |
QRVO-F
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2ab238f1-6e77-4e26-bfa2-4e789a4c3a44
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