ViraxClear Receives ISP Approval for ViraxClear Rapid Test Kit Distribution to Chile With Signed LOI for up to 3 million Test Kits

VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (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 received approval on July 3^rd, 2020 from El Instituto de Salud Pública de Chile (“ISP”) for the distribution of COVID-19 Rapid Antibody Test Kits (“Test Kits”) supplied by its previously disclosed manufacturing partners, Innovita Biological Technology Co., Ltd and Vazyme Biotech Co., Ltd (“Innovita”, “Vazyme”), for the Chilean market.  ViraxClear has signed a non-binding LOI with Biosonda Biotecnologia (“Biosonda”) for the distribution of up to 3 million Test Kits for the Chilean market, a contract valued at up to $17.25 million in gross revenue.

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Distribution Contract for Test Kits in Chile

ViraxClear has received initial orders for trials and market testing of their Test Kits for the Chilean market and manufacturing is expected to commence over the next 60 days.  The LOI provides for a 60-day exclusivity period during which ViraxClear and Biosonda intend to sign a definitive agreement with a total contract value of up to $17.25 million. 

Biosonda is a biotechnology company founded in Chile in 1992 by leading scientists. It is currently one of the main distribution companies of products for scientific research and clinical diagnosis in Chile, with a recognizable corporate image in the national market. Biosonda works with some of the top global brands in the clinical and diagnostic industries and handle everything from marketing, import, logistics, research and development and sales.

The Biosonda commercial department is made up of a sales force, with a high degree of specialization and extensive experience in the market made up of experts in molecular biology and immunology. They offer a technical service laboratory for equipment maintenance, repair and training, a personalized after-sales service, and a commercial-logistics team that manages the tasks of quotation, import, logistics, inventory, orders and dispatch to provide an optimum service.