Relay Medical Subsidiary Signs Binding LOI for Rights to COVID-19 Rapid Antigen and Antibody Tests
TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), a developer of MedTech innovation, announces that it has entered into a binding letter of intent (the “Letter of Intent”) with Proprietary Innovation Labs Inc. (“PIL”) relating to the exclusive sale and distribution of rapid diagnostic tests for COVID-19 (the “Products”). The binding LOI was signed November 9, 2020.
Under the terms of the LOI agreement Relay Medical’s diagnostics subsidiary, HemoPalm Corp. will acquire the exclusive global rights excluding China to Proprietary Innovation Labs’ COVID-19 product line including CE approved antibody and antigen lateral flow rapid diagnostic tests (RDT).
PIL has developed both antigen and antibody tests for the SARS-CoV-2 virus with its manufacturing partners. These test kits are suitable for point of care testing and are based on lateral flow chromatographic immunoassay for qualitative detection. The tests are easy to use, require no extra equipment, possess high diagnostic accuracy and results are available in as little as 10 minutes. Test kits are packaged with all necessary materials to run the test which is read visually in a manner like pregnancy-test sticks. Through its contract manufacturing facilities PIL can produce over 25 million tests per month.
“Screening, testing and tracing is absolutely crucial to the effective management of day-to-day life during a global pandemic like COVID-19. This is a global infection, and management will require a plethora of solutions, technologies and protocols to allow people to return back to school, work and recreation with confidence. Even after a worldwide mass deployment of a vaccine, continuous testing support will likely be needed for a significant period of time.” said Yoav Raiter, CEO, Relay Medical Corp.
“The partnership between Relay and PIL is as exciting as it is important. We are now able to offer a complete holistic solution using our antigen and antibody tests in tandem with Relay’s cloud-based verification, tracking, and reporting technology. This partnership is an exciting moment for PIL and their initiatives to combat the COVID-19 pandemic.” said Richard Waters, President, Proprietary Innovation Labs Inc.
View the PIL Antibody RDT instructional video by clicking the link: PIL COVID-19 Antibody Test
According to PIL, the clinical sensitivity (confirmed positive with a PCR nucleic test) for the antigen tests is 95.0% and the clinical specificity (confirmed negative with a PCR nucleic test) is 99.6%. For the PIL antibody tests the clinical sensitivity is 93.3% for samples collected after the onset of symptoms with a clinical specificity of 99.0%.