Todos Medical Enters Into COVID-19 PCR Testing Implementation and Equipment Financing Partnership with AID Genomics
NEW YORK, NY, REHOVOT, Israel, and SINGAPORE, Sept. 25, 2020 (GLOBE NEWSWIRE) -- via
NewMediaWire -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening
and diagnosis, and developing blood tests for the early detection of cancer and Alzheimer’s disease, today announced that it has entered into an implementation and equipment financing partnership
with AID Genomics, a multi-national genomic R&D company and solution provider focusing on precision medicines for cancers and infectious diseases. AID Genomics recently completed a contract
with the Ministry of Health in Israel to build and scale-up 6 HMO laboratories in Israel. In addition, AID Genomics has entered into a worldwide partnership with Tecan Group for delivery of liquid
handler machines. AID has sent key staff from Israel to the United States to assist Todos in its current US implementation projects.
“We are excited to enter the US market in partnership with Todos Medical,” said Snir Zano, CEO of AID Genomics. “We have developed a proven, scalable solution that can now be implemented via Todos Medical in the US. Now that Todos has reached the level of scale with its clients that justifies a formal relationship, we believe that we can leverage this partnership through Todos’ sales channels and drive significant uptake of our integration solutions and dramatically increase PCR testing capacity for the US.”
Under the terms of the agreement, AID Genomics will finance the purchase of the equipment necessary to allow Todos’ clients to scale to meet their capacity requirements and will assist Todos in the implementation of best practices to speed time to scale and optimize sample accessioning and data reporting software. In return, AID Genomics will participate in the net profit of each contract. Additionally, AID Genomics will assist Todos with validating and commercializing its proprietary tests in Israel.
“We are very pleased to formally enter into this partnership with AID Genomics that gives us access to proven implementation know-how and stable access to key automation technology that will allow our clients to reach their desired testing capacity,” said Gerald Commissiong, President & CEO of Todos Medical. “We now intend to aggressively pursue new laboratory equipment and reagent supply agreements with access to non-dilutive funding that the AID Genomics relationship brings us so that we can meet the significant testing needs emerging in the US.”