CALGARY, AB and LOS ANGELES, CA, May 3, 2021 /PRNewswire/ - FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) and subsidiary FluroTest Diagnostics Systems ("FluroTest" or The Company), a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, today announces it has signed a strategic Memorandum of Understanding ("MOU") with Total Testing Solutions, LLC ("TTS"), one of North America's premier providers of health testing to the professional sports, entertainment, venue ticketing and travel industries.
Under the terms of the non-binding MOU, FluroTest and TTS will launch and pilot a first-of-its-kind, high-volume Covid-19 testing system from one of the LA-based screening facilities, with the intent to transition from research-use only to full commercial use subject to FDA-approval. FluroTest will supply the pre-production testing platform and appropriate training, with TTS leading operations and deployment. Both parties will work together on software systems integration, and jointly source and pursue marketing and business development opportunities.
Total Testing Solutions, the preferred testing partner of the San Jose Sharks, is a fully integrated healthcare company, providing both medical care and testing services to the communities of Los Angeles, CA, San Francisco, CA and Austin, TX. TTS already conducts thousands of Covid-19 tests each week to companies, studios, sports franchises, schools, and other organizations, but has been actively seeking opportunities to expand test offerings into areas that will help the country safely open back up. The company believes it could be delivering tens of thousands of tests each day with multiple FluroTest system platforms in place.
FluroTest's high-volume antigen system is designed to facilitate fast and accurate on location and point of access testing of individuals by leveraging the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing. High-risk pandemic environments supported will include athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, manufacturing facilities, schools and colleges, hospitals and large healthcare facilities, transportation and distribution hubs and other large businesses. The data collected from this pilot program will be used to support FluroTest's submission for Emergency Use Authorization ("EUA") from the U.S. Food and Drug Administration ("FDA") and Health Canada for an Interim Order Authorization.
"Total Testing Solutions is focused on providing point of access testing that is critical to safely opening large venues,'' said Lauren Trenkle, CEO of Total Testing Solutions. "Our solutions integrate advanced logistics and cloud computing through our proprietary software LINK with testing to achieve high throughput, high accuracy, and low cost. The FluroTest testing platform enables us to accelerate our efforts to safely open more venues rapidly."
"Partnering with TTS will give us invaluable insight into the real world operational requirements for the FluroTest platform, enabling us to tailor the final production version to be as seamless and intuitive as possible for both proctors and test takers alike," added Bill Phelan, CEO of FluroTest. "We are at an important growth period for the Company, and having our market assumptions validated and championed by industry pioneers like Total Testing Solutions and others is extremely rewarding."
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the pre-approval stage and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus.
The goal of FluroTech's research and technology is to develop detection methods which are sensitive, specific and easy-to-use. By combining FluroTech's proprietary spectroscopy-based technology with laboratory robotics automation and cloud computing, FluroTech, through the application of its technology and investment in FluroTest Diagnostics Systems Ltd. ("FluroTest"), the interests in which have been disclosed in previous press releases, has created a unique solution addressing the current and future pandemics. Using technology that was first developed at the University of Calgary, the FluroTest SARS-CoV-2 test is designed to identify patients with active virus infection; this is not necessarily the case for most of the currently approved tests that are meant to identify patients with SARS-CoV-2 nucleic acid.
About FluroTest Diagnostic Systems Ltd.
FluroTest, a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly accurate testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest's system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs and other large business and retail locations. Created to support executive business continuity efforts and public well-being, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing -- processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker's mobile device within 5 minutes. To learn more, visit FluroTest.com
About Total Testing Solutions
Total Testing Solutions (TTS) is a medical testing company that combines custom testing solutions, telehealth services and concierge options and platforms to provide unparalleled organization and operations to business testing needs. Since the start of the pandemic, TTS has mobilized to provide testing to essential workers, first responders and healthcare personnel. Now with the increased need for business testing, TTS has created custom testing platforms to bring organization and efficiency to testing, while still providing medical consultation and telehealth services when needed. TTS is a one-stop shop for all business testing needs.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer's perspective financial performance or financial position. The forward-looking information in this news release includes disclosure about the ability of the Company's testing devices to accurately and quickly detect COVID-19 and to process large numbers of samples in short time frames, the benefits of and demand for the Company's testing devices, its efforts to obtain approval of the FDA and Health Canada, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostics Systems Ltd which owns a 95% interest in FluroTest LLC. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the ability to obtain FDA and Health Canada approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostics Systems Ltd which owns a 95% interest in FluroTest LLC and to obtain the regulatory approvals required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation's Annual Information Form under the heading "Risk Factors", the failure to develop and commercialize its testing devices in a timely manner or at all, the failure to recognize the anticipated benefits from the devices, the failure to obtain FDA or Health Canada approval for its products, the risk that regulatory approvals will not be received and the risk that changing circumstances will result in the decrease in demand for FluroTest's products. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.