Achiko Establishes Joint Venture with PT Indonesia Farma Medis for Production and Distribution of its Test Platform for Covid-19 in Indonesia
Achiko Signs Agreement with PT Indonesia Farma Medis to Establish a New Joint Venture, including a Contract with PT Mitra Asa Pratama and a Memorandum of Understanding with PT Pharos
Indonesia, Completion Subject to Formal Approvals
Test Kits Will Be Integrated with Achiko’s Teman Sehat (Health Buddy) Mobile App to Address Growing Demand for Covid-19 Testing in Indonesia
The Joint Venture and the Contracts are a Precursor to Product Registration, Currently Planned to be Filed in the Next Few Weeks
ZURICH, Switzerland, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Achiko AG (SWX: ACHI, ISIN CH0522213468) (“Achiko”, the “Company”) and PT Indonesia Farma Medis (“PIFM”) have signed an agreement to establish the joint venture company PT Achiko Medika Indonesia (“PAMI”) for the production, distribution and marketing of its testing platform developed from Project Gumnuts for Indonesia.
Khairudin Gustam, Chief Executive Officer of PIFM said: “As Covid-19 cases across Indonesia have surged past the one million mark and the contagiousness of the disease continues to severely disrupt the economy, the need for mass market testing becomes apparent. The economy needs to find a way to function, but given the size and population of Indonesia, reliance on PCR testing is not enough. Additional testing methods for Covid-19 are needed and we believe the Project Gumnuts technology is a key solution to help the country and the economy get back on their feet.”
Indonesia is a country of over 270 million people spread across several thousand islands. It is currently recording the highest number of cases, rates of positivity and fatality rates in Southeast Asia.
Phase 1 testing for Project Gumnuts has been concluded recently, achieving preliminary values of 91% sensitivity and 85% specificity. Further optimization studies are currently being conducted in Spain and Indonesia to meet the World Health Organizations’ (WHO) standards.
“We are proud to be involved with Achiko’s development and look forward to the availability of Gumnuts for Indonesians, as most low-cost rapid tests are too expensive for daily testing. The price point and convenience that Gumnuts can offer will enable tens of millions of people the ability to test almost daily. This will be a powerful tool in stopping the spread and beating Covid-19 and other pathogens,” said the Mayor of Pekanbaru in Indonesia, Dr. H. Firdaus S.T., M.T.
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