Relay Medical Corp (CSE: RELA) this morning announced that its joint venture with Fio Corp, Fionet Rapid Response Group, has entered into a memorandum of understanding with Lonestar Life Sciences. The MOU will see the ventures rapid diagnostic COVID-19 testing be deployed in rural hospitals within Texas.
The arrangement will see the Fionet system deployed at ten rural hospitals in the Austin, Texas area of the state. Each hospital will receive the Fionet system along with approved rapid diagnostic tests to offer a complete screen and surveillance solution for the disease, with the system capable of testing between 20 and 40 people an hour with lab-based equivalent results.
Given that Texas continues to be a hot spot in the US for COVID-19 infections, the tech effectively enables lab quality testing with rapid diagnostics at point-of-care, enabling faster diagnoses. Rural communities have been heavily impacted by the pandemic, while the region as a whole as of late has seen climbing infection rates. Rapid diagnostics is seen as a way of aiding rural hospitals in reducing costs while gaining insights on the spread of the disease in the region.
The company also identified that the engagement will see the company approach college football teams in the surrounding area for the potential use of the Fionet system. The rapid nature of the device is seen as a potential means of keeping staff, students, and visitors safe.
“We are extremely excited to be involved in the rapid testing solutions available by Fio Rapid Response, being that Texas continues to be a hot-spot of COVID-19 infections, and the rural community is struggling to effectively handle the state’s epidemic. Fio’s technology will allow us to engage lab quality QC with rapid diagnostics at point-of-care, allowing us faster diagnoses, reporting and traceability of tests.”Matt Atwood, CEO of Lonestar Life Sciences
Relay Medical last traded at $0.24 on the CSE.
FULL DISCLOSURE: Relay Medical Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Relay Medical Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.