Relay Medical Forms Joint Venture To Provide COVID-19 Pandemic Response Tech
Relay Medical Corp (CSE: RELA) has formed a joint venture with that of Fio Corp focused on accelerating a COVID-19 pandemic testing, data collection and reporting solution as previously proposed by the two firms under a memorandum of understanding back in May 2020. The joint venture, referred to as Fionet Rapid Response Group, will be focused on the delivery of Fio’s proven data and device platform, Fionet.
The focus of the joint venture will be to enable mass distributed testing and automated aggregation, triage, and tracking in a bid to assist in containing the COVID-19 pandemic. The device, intended for deployment by health agencies, health providers and the private sector, works in conjunction with numerous third-party rapid diagnostic tests for the virus to provide quality control and automated interpretation of results. Once interpretated the data is transmitted and distributed to public health officials to ensure proper tracking of tests, improving accuracy of data while helping to facilitate safe, effective mass testing for disease presence and exposure.
Outside of the coronavirus, the Fionet device can connect to other diagnostics devices as well, such as for testing of other diseases and viruses, such as malaria and HIV, enabling easy data transmission to healthcare providers while ensuring data accuracy. The device assists in reducing diagnostic errors, ensures correct testing and clinical procedures, monitors performance, captures data, and supports supply chain management.
The benefit of the venture to Fio is that it enables the firm to rapidly advance and pursue commercial opportunities of the device, thanks in part to funding and expertise provided by Relay. The device has been proven through more than one million cases, wherein it has been utilized to assist over a dozen countries in managing rapid diagnostic testing, triage, and tracking of outbreaks of various diseases that include ebola, dengue, malaria and HIV.
“We could get back to as normal life as possible if we can stop the chain of infection of COVID-19. This can be achieved through deployment of mass distributed COVID-19 rapid diagnostic testing. The Fio platform produces quick and accurate testing results that allow health professionals to make data-driven-decisions and take appropriate action at point of care and at policy level.”
Yoav Raiter, CEO of Relay Medical Corp
The joint venture, while undisclosed in respect of the ownership structure, will see two directors from each company brought together, with Dr. Michael Greenberg appointed as CEO and President of the firm. Both firms will be licensing tech to the venture to expedite product expansion and to assist in pushing worldwide sales of the pandemic response technology. Relay will also provide an aggregate of $1.5 million in development to support the venture, while also providing assistance in organizing capital for production and product deployment. Relay in return will receive royalty on all sales made of the devices.
Relay Medical last traded at $0.20 on the CSE.
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