Relay Medical Sees Fionet Joint Venture Commence Operations

After the bell last night, Relay Medical (CSE: RELA) provided a market update on the current status of its joint venture with Fio Corporation. Known as the Fionet Rapid Response Group, the venture has now commenced operations focused on bringing COVID-19 mobile testing and tracking to the market.

The device, referred to as Fionet, has been submitted to Health Canada for regulatory approval under an interim order. Once granted, the company will seek further approvals in additional jurisdictions. Presently, Relay and its partner are in negotiations for trial deployments of the device with several partners.

Fionet, in layman terms, is a mobile testing and tracking platform that has been developed to be deployed within pandemic or epidemic situations. The Fionet is a handheld device that is linked to the internet to assist in automating frontline testing and capturing test results for tracking purposes. It works in conjunction with multiple third-party rapid diagnostic tests to read test results, enabling sourcing flexibility for tests that are typically in limited supply during pandemic situations. Further, it is usable by “non-expert” personnel, meaning its suitable for clinics, pharmacies, airports, workplaces and more.

Data collected from the devices enables public health officials and supervisors to monitor real-time data on disease spread through a series of dashboards, IT systems, and databases that enables rapid responses to occur. Utilization of the device also allows for diagnostic testing in any setting, such as the workplace to support return-to-work use cases.

“Community-based testing and real-time tracking is indispensable for combating pandemics like COVID-19. Fionet has already made this happen in the most challenging epidemic regions on the planet and we are now preparing for imminent deployment of our platform with several partners to combat COVID-19 at home and abroad.”

Michael Greenberg, CEO of Fionet Rapid Response Group

The device itself has proven its effectiveness, having been used on 1 million patients already to combat infectious disease outbreaks that include malaria, HIV, dengue and ebola. Fionet has been proven to reduce testing errors by 23%, while achieving a 99.5% diagnostic accuracy rate.

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Relay Medical Corp last traded at $0.23 on the CSE.

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