Relay Medical’s Joint Venture Signs High-Volume Manufacturing Partner For COVID-19 Test Device

Relay Medical Corp (CSE: RELA) early this morning released an update related to its joint venture with Fio Corporation, known as Fionet Rapid Response Group or FRR. The venture has signed a manufacturing agreement with Keytronic (NASDAQ: KTCC), an FDA approved and US based contract manufacturer, for the production of the firms rapid response devices.

The joint venture currently has ordered the production of 1,000 units of its Fionet device from Keytronic, with the manufacturing line currently in the process of being set up. Initial production runs are expected this month, the the total production time estimated to be 6-8 weeks for the first run.

The production of the devices marks a milestone for the firm, following several trial deployment agreements being signed for the device. One trial includes a subsidiary of a large European diagnostics firm which upon a successful feasibility pilot could potential result in what is referred to as “volume deployments” throughout Africa. The trials are designed so that clients and the Fionet Rapid Response Group can customize the device for rion-based workflows and stress testing.

“In August, we focused on implementing our vision for adapting Fionet to COVID. In September, we focused on bringing this vision to the market, which resulted in agreements for initial deployment we are signing. We now moved to engage a high-quality, high-volume manufacturer to fulfill orders.

Dr Michael Greenberg, CEO of FRR

Upon these successful trials, order flow is evidently expected to demand high volume manufacturing of the Fionet device. As a result, 1,000 devices have been ordered from the manufacturer. Relay’s joint venture, under the manufacturing agreement, has paid for the initial line set ups, as well as 50% of the cost of the first batch of 165 units under the order.

Relay Medical Corp 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.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

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...

Friday, November 13, 2020, 07:09:11 AM

Relay Medical Enters Binding LOI For Global Rights To COVID-19 Tests

Relay Medical (CSE: RELA) has entered into an arrangement to exclusively sell and distribute two...

Tuesday, November 10, 2020, 07:12:32 AM

Relay Medical Receives $3.0 Million From Option And Warrant Exercises

Relay Medical (CSE: RELA) last night announced that the company has seen total cash inflows...

Friday, February 12, 2021, 07:58:08 AM

Relay Medical, Glow Lifetech Announce Successful Phase II COVID-19 Trials Based On Their Tech

Relay Medical (CSE: RELA) last night announced a positive development related to Glow LifeTech, a...

Friday, January 15, 2021, 07:07:22 AM

Relay Medical Sees JV Partner With LifeLabs Across Canada

Relay Medical Corp (CSE: RELA) has seen its joint venture, Fionet Rapid Response Group, sign...

Wednesday, April 14, 2021, 06:10:37 PM