Relay Medical Joint Venture Secures Over $500,000 In Initial Contracts
Relay Medical (CSE: RELA) has seen its joint venture, Fionet Rapid Response Group, acquire contracts in excess of $500,000 in initial contracts. In connection with the announcement, the company also provided a corporate update on several facets of its COVID-19 focused operation.
First and foremost, the initial contract acquired by the firm appears to be in connection with an alliance formed with South Korean rapid diagnostic test (RDT) maker IVD Lab Co. The company has entered an arrangement to bring a new rapid diagnostic test to market that is designed to distinguish between those of whom with COVID-19 are at great risk of becoming critically ill, and those of whom can recover at home.
Testing and validation of this new rapid detection test, which was partially funded by the National Research Council Canada, is currently in process at the University Health Network in Toronto. The test is designed to ease the burden on hospitals, whom are currently near capacity across the US with rising infection rates, by assisting in keeping hospital beds for those that are most in need.
Outside of this development, the company has also seen the Fionet device implemented in ten primary healthcare facilities within Kenya. The device is currently in use for a number of administrative functions, as well as for COVID-19 screening. Negotiations are currently said to be underway with additional healthcare organizations globally, where it will be deployed to support rapid testing programs.
The company is also in the process of configuring some of the most widely used rapid diagnostic tests on the market to work with that of the Fionet device. Rapid tests from manufacturers including Abbott, Roche, and Proprietary Innovation Labs have been acquired for this purpose, with the combined manufacturing capacity of these tests to exceed 145 million units a month, making them some of the most commonly used rapid tests for COVID-19.
Finally, the first production run of the joint ventures COVID-19 mobile testing devices have been received from the contract manufacturer, with additional devices expected to be received within the next two weeks. The initial devices are to be used for onboarding of rapid diagnostic tests, supporting initial pilots of the devices, and for verification activities.
Relay Medical Corp last traded at $0.23 on the CSE.
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