(MENAFN- GlobeNewsWire - Nasdaq) CALGARY, Alberta, Nov. 19, 2021 (GLOBE NEWSWIRE) -- FluroTech LTD. (TSXV: TEST) (OTCQB: FLURF) and wholly owned subsidiary FluroTest Diagnostic Systems ("FluroTest" or The Company), a developer of diagnostics technology in high output rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, today provided a progress update on its efforts to bring its Pandemic Response Platform to market.
FluroTest has been developing its“Pandemic and Emerging Disease Defense Platform” since late January 2021. The Company has made significant progress in its research and development efforts during just this 10-month period. The Company has optimized its test protocol and is realizing a 30x to 40x improvement in all aspects of the process. The Company has recruited key advisors with deep experience in both specific technologies being deployed and commercialization of other diagnostic assays unrelated to COVID. Based on the results from the new protocol, the Company believes it is positioned to achieve a disruptive breakthrough in the development of its“point of entry /point of access” testing solution.
Important breakthroughs include:
Reduction of steps in sample processing – This resulted in an optimized sample processing protocol reducing time and complexity as well as the elimination of certain laboratory processing equipment in the testing system solution.
Testing protocol simplification – The Company has made great strides in refining the type of instrumentation required to read processed test samples, further reducing the time necessary for each reading as well as reducing the capital cost of field-based instrumentation hardware by as much as 50%.
Materials cost per test reduced – While initial estimates of the direct cost of each test to the Company would approximate US $ 5.00 to US $6.00, the Company's optimized protocol development efforts produced a cost estimate per test of less than $1.00, thus providing the Company with significant flexibility in pricing tests much lower to the consumer while still maintaining favorable gross profit margins.
Platform solution cost per test improved – The optimization of sample processing and equipment necessary to process tests will lower the capital cost per platform by as much as 50%, thus making the platform solution more affordable to significantly more potential customers and enabling more frequent testing.
The Company expects in 3 to 4 months it will complete test optimization, protocol development, and prepare to enter clinical trials.
“The process for scientific discoveries and innovation takes rigorous work. However, through our rigorous scientific process the Company has achieved breakthrough improvements this year. We will have created a system that can serve a significantly greater population in even more environments than we originally anticipated and at lower cost,” said Bill Phelan, CEO of FluroTest.
“FluroTest is on the way to achieving significant breakthroughs in the areas of testing and surveillance support for emerging diseases and pandemic mitigation. By dramatically reducing its cost per test as well as the initial investment in the test platform, it can be accessible to more populations on a low cost basis globally,” said Dr. Joxel Garcia, the 14th US Assistant Secretary for Health and former US Representative to the W.H.O., and scientific advisor to FluroTest.
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.
About FluroTech (TSXV: TEST) (OTCQB: FLURF)
The goal of FluroTech's research and technology is to develop detection methods which are high speed, 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. Based upon 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 diagnostics technology leader 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 10 minutes. To learn more, visit FluroTest.com.
For general FluroTech inquiries:
Danny Dalla-Longa, CEO
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 100% 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 100% 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.
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