Zomedica Announces Acquisition of TRUFORMA Platform Developer Qorvo Biotech LLC, Accelerating Timeline to Gain Control of Manufacturing and Research & Development

ANN ARBOR, MI / ACCESSWIRE / October 5, 2023 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or the "Company"), a veterinary health company offering diagnostic and therapeutic devices for companion animals, today announced the acquisition of Qorvo Biotechnologies LLC (QBT), creators of the Omnia^TM and TRUFORMA point of care diagnostic platforms.

Qorvo Biotechnologies, a wholly owned subsidiary of Qorvo US, Inc., focused on the development of point-of-care (POC) diagnostics solutions leveraging Qorvo's innovative Bulk Acoustic Wave (BAW) sensor technology. QBT developed the Omnia point of care diagnostic platform designed to perform assays for human patients and received FDA Emergency Use Authorization for its SARS-CoV-2 antigen tests. Utilizing the same BAW technology, QBT also developed the TRUFORMA point of care diagnostic platform to perform assays for companion animals which has been marketed under license by Zomedica Corp. and its wholly owned subsidiary, Zomedica Inc.

"With this acquisition, we fully acquire QBT, which has been developing and manufacturing our TRUFORMA platform, including the instrument, software and several important veterinary diagnostic assays," commented Larry Heaton, Chief Executive Officer of Zomedica. "A primary focus with this acquisition will be on capturing margin improvements by assuming QBT's manufacturing systems, instead of building out our own manufacturing processes; as well as accelerating assay development for the TRUFORMA platform. This acquisition will also allow us to avoid future operating and capital expenses incurred by building R&D and manufacturing staff internally, as well as eliminating remaining payments, including license fees, transition fees and future royalties, that would be due to QBT under the previous agreement.

"While this acquisition includes both the human and veterinary health components of QBT's business, our focus at Zomedica will continue to be within the veterinary space. As such, we will be considering various strategic options for capturing value for the human health part of the acquired business.

"We're particularly pleased with the timing of this acquisition as we have just launched our equine eACTH assay and are looking forward to launching additional assays for common non-infectious GI conditions such as vomiting and diarrhea, both of which we expect to accelerate growth of the TRUFORMA product line."

The Omnia and TRUFORMA diagnostic platforms utilize Qorvo, Inc.'s proprietary BAW sensor technology that provides highly precise and sensitive measurements at the point of care. In conjunction with the acquisition, the Company also updated its ongoing long-term supply agreement with Qorvo, Inc., for the ongoing purchase of these unique sensors.