- MedMira (TSXV:MIR) has signed an exclusive distribution agreement with Webb Diagnostic Technologies for MedMira’s COVID-19 tests
- Webb Diagnostic has already placed the first order for the tests, valued at approximately C$3.5 million
- MedMira has also received the down payment needed to start the production process
- The tests don’t yet have FDA Emergency Use Authorisation, but can be distributed in the US while awaiting approval
- MedMira (MIR) is down 1.43 per cent and is currently trading at $0.69 per share
MedMira (TSXV:MIR) has signed an exclusive distribution agreement with Webb Diagnostic Technologies for MedMira’s COVID-19 tests.
The company’s tests can detect antibodies for SARS-CoV-2, which causes COVID-19. As such, the tests can identify if a patient is currently infected or was infected in the past.
In May, MedMira submitted an application for Emergency Use Authorisation for the tests from the Food and Drug Administration. While it is still awaiting approval, the company can distribute the tests, according to the FDA’s COVID-19 policies.
Webb Diagnostics will have exclusive rights to distribute the tests and has already placed its first order . The purchase order is worth approximately C$3.5 million.
MedMira has received the down payment it needs to begin the production process for the first batch of tests. The company has also launched a new website to provide information about the product.
MedMira’s CEO, Hermes Chan, commented on the agreement with Webb Diagnostic.
“We are pleased to secure this mutually beneficial exclusive partnership and bring this high-quality, portable antibody test to the U.S. market.
“As the demand for reliable SARS-CoV-2 antibody testing grows, this agreement is the first step in making our proven diagnostic platform available to more healthcare professionals throughout the United States,” he said.
Webb Diagnostic Technologies’ CEO, John P Mayo, spoke about the company’s upcoming order.
“We placed our first order and are excited to leverage MedMira’s technology to help our country move forward by enabling people to make safer, more informed choices about their health,” he said.
MedMira (MIR) is down 1.43 per cent and is trading at $0.69 per share at 2:30pm EDT.