NEW YORK, Sept. 16, 2021 /PRNewswire/ -- The emergence of the pandemic has helped accelerate the growth of demand for diagnostic supplies such as ventilators, N95 masks, and PPE kits, which in turn is fueling the medical supplies market growth. The hospital medical equipment and supplies segment includes various devices, instruments, and medical consumables utilized in hospitals and healthcare facilities. The extensive spread of the disease has led to the severe shortage of medical resources in the front line. This shortage of the medical supplies across the globe has even persuaded many non-pharmaceutical companies to begin manufacturing various medical products. According to Market Study Report, LLC., the global medical supplies market was worth USD 80 Billion in the year 2019 and is set to reach USD 95.04 Billion by 2026 with a CAGR of 13.5% between 2020-2026. OPTEC International, Inc. (OTC: OPTI), PAVmed Inc. (NASDAQ: PAVM), Mereo BioPharma Group plc (NASDAQ: MREO), PDS Biotechnology Corporation (NASDAQ: PDSB), Co-Diagnostics, Inc. (NASDAQ: CODX)
In addition to PPEs, technology has played a major role in helping medical facilities, organizations and governments fight the pandemic. For example, the healthcare organization Providence developed data analytics tools that give real-time information on patient volume, hospital staffing levels and the supply of ventilators and PPEs throughout hospitals across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington. In addition, thanks to predictive analytics technology, researchers estimate the potential of severe outcomes for individuals and inform vaccine rollouts.
OPTEC International, Inc. (OTC: OPTI) announced breaking news last week that, "the company has executed an LOI (Letter of Intent) for the acquisition of a West Coast, established medical supply company with over 25 years of operations in the medical supply industry. The company has also recently expanded supplies in the PPE sector in addition to the mainline medical supplies used across the world.
The company has also established purchasing agreements with US and overseas manufacturers in the medical sector. Annual revenues are currently approximately in the region of $10M, with significant possibilities for growth.
The long-term goal is to establish localized medical supply distribution centers, that can provide service to small and large clients with same day and next day deliveries. The company believes there is a huge demand and opportunity in the same day/next day deliveries that is currently underserved, similar to how Amazon created several years ago to service the retail industry.
The terms of the acquisition will be announced upon completion of the definitive agreement at the request of the seller. Closing of the transaction is expected to finalize in October 2021, or sooner if possible.
The addition of this medical supply company in addition to OPTEC's current subsidiaries adds growth and purchasing power to the company's expanding operations and at the same time adding noticeable additional annual revenue to the consolidated financials of Optec International.
Optec further today announced the appointment of a new in-house Social Media director based at the company's new Park Center, Location in Vista, California."
PAVmed Inc. (NASDAQ: PAVM) reported last month announced that its majority owned subsidiary Lucid Diagnostics Inc. ("Lucid") has begun testing patients referred by primary care physicians ("PCPs") at three Lucid Test Centers in the Phoenix metropolitan area. Patients with chronic heartburn, also known as gastroesophageal reflux disease ("GERD"), who are referred to the centers undergo a rapid non-invasive office procedure, performed by Lucid-employed clinical personnel, using Lucid's EsoCheck® Cell Collection Device ("EsoCheck") to collect surface esophageal cells for its EsoGuard® Esophageal Test ("EsoGuard"). "This launch represents a major milestone for Lucid and our EsoGuard commercialization efforts," said Lishan Aklog M.D., PAVmed's Chairman and Chief Executive Officer and Lucid's Executive Chairman. "An important pillar of our growth strategy is to expand EsoGuard commercialization across multiple channels by targeting PCPs and consumers, in addition to the gastroenterologists who have been our main target to date. We are excited that PCPs in the Phoenix area can now refer their at-risk GERD patients for a simple, office-based test to detect esophageal precancer before it progresses to esophageal cancer."
Mereo BioPharma Group plc (NASDAQ: MREO) reported back in June positive data from an interim analysis of an investigator-initiated study of alvelestat in patients with Bronchiolitis Obliterans Syndrome ("BOS") following hematopoietic stem cell transplantation ("HCT"). The Phase 1b/2 study, being conducted under a Clinical Trial Agreement between Mereo and the National Cancer Institute, plans to recruit a total of 30 patients. The primary endpoints of the study are to define the safety and the optimal biological dose, based on neutrophil elastase inhibition measured using biomarkers at 8 weeks (Phase 1b, total of 10 patients) and clinical efficacy at 6 months (Phase 2, an additional 20 patients).
PDS Biotechnology Corporation (NASDAQ: PDSB) announced back in June announced the protocol amendment to expand its Phase 2 VERSATILE-002 study to include patients, in an additional arm, who have failed prior checkpoint inhibitor (CPI) therapy (CPI refractory patients). The VERSATILE-002 study is designed to evaluate PDS0101 in combination with KEYTRUDA® (pembrolizumab) in the treatment of advanced human papillomavirus (HPV)-associated head and neck cancer and is currently being run at approximately 20 clinical sites in the US. VERSATILE-002 was initially opened to checkpoint inhibitor naive HPV16-associated head and neck cancer patients in first line treatment of recurrent or metastatic cancer. The trial is actively recruiting patients who have the option to receive the two immunotherapies rather than chemotherapy as their first line of treatment for recurrent disease. The additional study arm will evaluate the objective response to the combination among approximately 40 patients with advanced head and neck cancer who have failed multiple treatments, including checkpoint inhibitor therapy. Objective response is measured by radiographic tumor responses according to RECIST 1.1. In the expansion arm, the first 21 patients will be evaluated for safety and objective response before the arm progresses to full enrollment.
Co-Diagnostics, Inc. (NASDAQ: CODX) reported last week that its Logix Smart™ COVID-19 Test Kit was used by Italian researchers to confirm the presence of SARS-CoV-2, including mutated strains of the virus, in a community surveillance method of testing single-use waste, with the peer-reviewed results published in the journal Science of the Total Environment. The innovative approach for surveilling communities involved testing the saliva left on single-use glasses and bottles for the presence of SARS-CoV-2 in 20 different sites in Northern Italy during the second peak of COVID-19 in January and February 2021. The objects tested, including plastic coffee cups, plastic glasses, beverage cans, and plastic bottles discarded in snack bars, cafes, schools, and businesses, were swabbed, pooled, and then analyzed at the Istituto Superiore di Sanità using commercially available PCR reagents. Researchers then used Co-Diagnostics' Logix Smart COVID-19 Test to corroborate the results with complete concordance. The positive samples were later sequenced, and some were found to contain the presence of mutated variants of the virus.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.