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VANCOUVER, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Corp. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ViraxClear, through its joint venture, Shanghai Biotechnology Devices Ltd. (“SBD”) has on May 14th, 2020, finalized an agreement for the distribution of its COVID-19 Rapid Antibody Test Kits (“Test Kits”) for the Philippines.
Distribution Contract for Test Kits in Philippines
ViraxClear has signed a contract for distribution of up to 1,000,000 test kits, wherein Philippines medical device distribution company Novarad Asia Pacific Company (“Novarad”) will become ViraxClear’s exclusive distribution partner for the region of the Philippines. An initial purchase order for US $75,000 or approximately 10,000 test kits has been signed. ViraxClear will fulfil future orders through its previously disclosed supplier of test kits manufactured by Innovita Biological Technology Co., Ltd. (“Innovita”), Shanghai CP Adaltis Diagnostics Co., Ltd. (“Shanghai CP”). The initial term of ViraxClear’s agreement with Novarad is one year. Novarad will be responsible for funding the shipping costs of the test kits.
Sheilla Johnson, President of Novarad commented “We see ViraxClear as a strong partner for us to continue our distribution of antibody test kits in the Philippines. We want to add value in distributing to hospitals and government agencies such as the department of defence. We feel ViraxClear are the perfect partners for us to do that. ViraxClear has aided us in our applications to local government agencies helping us to secure contracts with them and hopefully many more in the future”.
James Foster, ViraxClear CEO stated “With a population of over 100 million people, the Philippines represents a strong market for ViraxClear to enter into as we seek to expand our distribution network around Asia.”
The Philippines Food and Drug Administration (PFDA), requires test kits to be on their approved list. Innovita is one of the approved suppliers and is one of ViraxClear’s suppliers following its recent strategic supply contract with Shanghai CP. The Innovita test kits are also CE marked and National Medical Products Association (NMPA), formerly known as the Chinese Food and Drug Administration (CFDA) approved. Innovita test kits have performed particularly well during preliminary clinical tests carried out by the COVID-19 Testing Project; a multidisciplinary team of researchers and physicians at UCSF, UC Berkeley, Chan Zuckerberg Biohub and Innovative Genetics Institute.
Agreement Between SBD and Shanghai CP
Pursuant to the SBD contract with Shanghai CP, SBD has agreed to purchase Test Kits manufactured by Innovita, with a right to distribute and sell those kits into the European Market and pursuant to an amendment to the contract allowing for distribution of the test kits in any region subject to written notice, the Philippines. Under the terms of this arrangement, SBD provides production orders to Shanghai CP, from time to time as it identifies sales opportunities at which point Shanghai CP will allocate production from its facilities to support these orders.
About ViraxClear
ViraxClear focuses on commercializing novel products that address significant healthcare needs with a specific target on the novel coronavirus (COVID-19). The company’s main focus is marketing its ViraxClear Rapid IgM-IgG Combined Antibody Test. The ViraxClear Rapid IgM-IgG Combined Antibody Test for COVID-19 is a lateral flow immunoassay used to qualitatively detect both early and late marker IgG/IgM antibodies.
info@viraxclear.com
About Global Care
Global Care Capital is a global investment company which specializes in providing early stage financing to private and public companies. The Company engages in new, early stage investment opportunities in previously underdeveloped assets and obtaining positions in early stage investment opportunities that adequately reflect the risk profile.
GLOBAL CARE CAPITAL CORP.:
Company Contact:
Alex Somjen, President & CEO
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