Business
Todos Medical Announces $4,500,000 Contract for COVID-19 PCR Testing Equipment & Supplies with New York-based Laboratory
Todos Medical Announces $4,500,000 Contract for COVID-19 PCR Testing Equipment & Supplies with New York-based Laboratory.
About this update from Todos Medical Ltd.
[{"type":"text","content":"\n NEW YORK, NY, REHOVOT, Israel, and SINGAPORE, Aug. 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for the early detection of cancer and Alzheimer’s disease, today announced that it has entered into a sales agreement with a New York-based laboratory to supply it with the necessary testing equipment and supplies for a total contract of $4.5 million. Todos will be supplying automated extraction machines, liquid handlers and PCR machines. The initial contract is for 12 months. Todos has also been granted a priority right to supply the lab with up to 75,000 COVID PCR tests per day in the event the laboratory sees significant additional testing demand. Andrew Blumenthal, Todos Vice President of Business Development, commented “It’s imperative the United States maintain a high standard of testing. With this deal, Todos continues its support of USA-based laboratories’ initiatives to ensure the appropriate resources are available and provided at the community level in anticipation of a potential winter surge of COVID-19 cases.” “The recent approval of Abbott’s antigen test shows the strong commitment from the US FDA to bring new screening testing into the market to help quickly triage those at higher risk of an active COVID-19 infection so they can be segregated and advanced to confirmatory testing,” said Gerald Commissiong, President & CEO of Todos. “We expect this will give greater confidence to communities to re-open more fully. As a result, we expect to see a surge in demand for that reflex confirmatory testing using the gold standard COVID-19 test, polymerase chain reaction known as PCR. Labs are continuing to scale up their PCR testing capacity to meet the current influx of reflex testing that we expect will grow significantly this upcoming fall and winter as active or prior COVID infections are uncovered with antigen testing. We continue to be laser focused on helping local labs rapidly transition into or expand their COVID testing capabilities in order to get faster results to patients and other stakeholders in the COVID-19 testing ecosystem.” For information related to ...