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Be the first with the news that moves the market- Global Care Capital’s (CSE:HLTH) investee, ViraxClear, has finalised a distribution agreement for COVID-19 test kits in the Philippines
- ViraxClear will distribute up to one million COVID-19 Rapid Antibody Test Kits through its distribution partner, Novarad Asia Pacific Company
- An initial purchase order for approximately 10,000 test kits has already been signed, with more to follow
- ViraxClear will fill orders with test kits manufactured by Innovita Biological Technology and Shanghai CP Adaltis Diagnostics
- Global Care Capital (HLTH) is down 16.36 per cent, with shares currently trading at $0.46
Global Care Capital’s (CSE:HLTH) investee, ViraxClear, has finalised a distribution agreement for COVID-19 test kits in the Philippines.
ViraxClear’s finalisation occurred through its joint venture with Shanghai Biotechnology Devices, on May 14, 2020.
Through the agreement, medical device distribution company, Novarad Asia Pacific Company, will become ViraxClear’s distribution partner for the region. Novarad will take responsibility for funding the shipping costs of the test kits.
ViraxClear’s agreement with Novarad has an initial term of one year.
Novarad’s President, Sheilla Johnson, described ViraxClear as a strong partner for distributing 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,” she said.
The contract dictates that ViraxClear will distribute up to one million COVID-19 Rapid Antibody Test Kits. An initial purchase order of about C$104,000, for approximately 10,000 test kits, has already been signed, with more to follow.
ViraxClear’s CEO, James Foster, described the potential of this new agreement.
“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,” he said.
ViraxClear will fill future orders with test kits manufactured by Innovita Biological Technology and Shanghai CP Adaltis Diagnostics.
The Philippines Food and Drug Administration requires that COVID-19 test kits come from their approved list. Fortunately, Innovita is already one of the approved suppliers. It also already has approval from the National Medical Products Association, formerly known as the Chinese FDA.
During the COVID-19 Testing Project, Innovita’s test kits performed particularly well in preliminary clinical tests.
Global Care Capital (HLTH) is down 16.36 per cent, with shares currently trading for $0.46 at 1:21pm EDT.
