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Zomedica Sets March 30, 2021 as Expected Commercialization Date for TRUFORMA™
Zomedica Sets March 30, 2021 as Expected Commercialization Date for TRUFORMA™.
About this update from Zomedica Corp.
[{"type":"text","content":"\n ANN ARBOR, Mich., Nov. 13, 2020 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today announced that it expects to begin commercialization of its TRUFORMA™ point-of-care diagnostic platform on March 30, 2021. Protected by approximately 70 issued and pending patents, the TRUFORMA platform uses Bulk Acoustic Wave (“BAW”) technology, developed by Qorvo (NASDAQ: QRVO), to provide a non-optical and fluorescence-free detection system for use at the point-of-care. BAW technology, also used in cell phones and in the world’s most advanced radar and communications systems, is an extremely reliable and precise technology. Zomedica believes that the TRUFORMA platform represents the first use of BAW technology in disorder and disease-state diagnostics. “It certainly is a pleasure to be able to deliver such good news for our shareholders, employees, partners and, especially, the veterinarians whom we serve,” commented Robert Cohen, Interim Chief Executive Officer of Zomedica. “It is a credit to all of our employees and their laser focus on advancing TRUFORMA over the last many months that we are able to move into this final phase as we approach the commercial availability of our first product. I very much look forward to being able to report our first sale following launch.” The diagnostics segment of the global companion animal market is expected to reach $2.8 billion by 2024 from $1.7 billion in 2019, at a 9.8% CAGR. Despite the effects of COVID-19 on the economy, veterinary practice financial data estimates show that revenue in the United States for August 2020 was up 18 percent over July 2019. Zomedica has five initial assays under development, comprising two panels – one each to detect thyroid and adrenal disease. The Company has completed verification for canine and feline TSH, canine and feline tT4, canine fT4 and canine cortisol assays, and validation efforts are underway for all of these assays. Results of the verifications have been encouraging: The combined dynamic range of the canine and feline TRUFORMA TSH assay is 0.008-10.0 ng/mL compared to the Siemens IMMULITE® Canine TSH assay dynamic range of 0.03-12 ng/mL....