FluroTech Partners With Albany Medical College For the Potential Development of a COVID-19 Diagnostic Test
CALGARY, Alberta, April 16, 2020 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) is pleased to announce that it has entered into a strategic Agreement in Principle with Alberta BioPhotonics Inc. (“ABP”) and Albany Medical College (“AMC”) to form FluroTest LLC (“FluroTest”).
The CompleTest™ adaptation is expected to take approximately three months with trials planned shortly thereafter. We caution that FluroTest is taking the existing technology developed by FluroTech and adapting that technology to be able to test for COVID-19. We are still in the early stages of research and development and are not making any express or implied claims that it can accurately diagnose COVID-19 virus at this time. FluroTech and ABP are majority shareholders in FluroTest.The collaboration will have primary focus on adapting FluroTech’s CompleTest™ platform technology to test for a range of viruses including COVID-19, as well as accurately determining viral load. Additionally, FluroTest believes its technology can also be adapted to allow for the detection of specific anti-SARS-CoV-2 human antibodies in blood samples, potentially confirming the development of immunity. Once developed, both tests would be administered at point-of-collection with results expected to be available in less than 15 minutes.The TeamFluroTest’s technology development efforts require unique expertise in spectroscopy and fluorescence as well as immunology and virology. This initiative is a collaborative effort between U.S. and Canadian scientists with deep experience in their respective fields. For immunology and virology expertise, FluroTest has partnered with Albany Medical College’s immunology and microbial disease department. AMC is located in the State of New York. The Department’s research team is led by Dennis Metzger, Ph.D., professor and chair of the department, along with assistant professor Kouacou Konan, Ph.D., who is working with FluroTech to develop the technology. Dr. Konan’s research program concentrates on virus detection and the mechanisms responsible for viral disease pathogenesis. The program is supported by a Biosafety Level 3 laboratory that allows for the use of highly virulent pathogens and is one of the few such facilities in the state of New York. Dr. Konan has obtained approval for COVID-19 work in his Level-3 laboratory. As part of Albany Medical Center, the only academic medical center and Level 1 Trauma Center serving northeastern New York and western New England, Albany Medical College is in a unique position to begin large scale sample collection and clinical trials which will assist in obtaining regulatory approvals including FDA approval. “My colleagues and I look forward to collaborating with Dr. Elmar Prenner and the fluorescence spectroscopy laboratory at the University of Calgary,” noted Dr. Konan. “This initiative enriches our mission of patient care, research and education—three critical factors to address this difficult viral problem for the people we serve.”FluroTech’s fluorescence spectroscopy laboratory at the University of Calgary, is led by Dr. Elmar Prenner. Dr. Prenner is the original developer of the technology owned by AB Photonics. Dr. Prenner, a professor at the University of Calgary within the department of Biological Sciences, serves as senior science advisor of FluroTech and brings over 28 years of expertise in fluorescence spectroscopy. “We are proud to commit our CompleTest™ platform technology and ongoing discovery efforts to partner with Albany Medical College’s team to find solutions to the difficult problems posed by viruses, and COVID-19 in particular,” said Dr. Elmar Prenner.About Albany Medical CenterAlbany Med, northeastern New York’s only academic health sciences center, is one of the largest private employers in the Capital Region. It incorporates the 766-bed Albany Medical Center Hospital, which offers the widest range of medical and surgical services in the region, and Albany Medical College, which trains the next generation of doctors, scientists and other healthcare professionals. It also includes a biomedical research enterprise and the region’s largest physician’s practice with more than 500 doctors. Albany Med is affiliated with Columbia Memorial Health and Saratoga Hospital to provide the largest locally governed health system in the region. Combined, our system has more than 1,100 beds and nearly 100 outpatient locations throughout the Capital Region. Albany Med works with dozens of community partners to improve the region’s health and quality of life. For more information: www.amc.edu or www.facebook.com/albanymedicalcenter. About FluroTech (TSXV: TEST) (OTCQB: FLURF)FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples for specific applications. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprised of its CompleTest™ platform technology and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest™ platform technology. To learn more, visit FluroTech.com.About FluroTest LLCFluroTest is seeking additional capital in the near-term and will also be exploring strategic partnerships with manufacturing and distribution companies to advance the deployment of the new test that’s being developed. To learn more, visit FluroTest.com.About Alberta BioPhotonics Inc.Alberta BioPhotonics Inc. focuses on identifying market opportunities to commercialize its proprietary spectroscopy-based technology. ABP is controlled by some of the same officers and directors as FluroTech and currently holds approximately 33% of the common shares of FluroTech.Contact InformationThis 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.Cautionary Statement Regarding Forward-Looking InformationThis 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 prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the formation of FluroTest and the capital structure thereof, the ability to adapt FluroTech’s CompleTest™ platform technology to test for viruses, including COVID-19, as well as accurately determining viral load, the ability to adapt the technology to allow for the detection of specific anti-SARS-CoV-2 human antibodies in a patient’s blood sample, and the speed and accuracy of such testing, the need for financing of FluroTest in the near term and the formation of strategic partnerships for the deployment and distribution of the technology. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, as well as the ability to adopt the CompleTest™ technology as described herein in a timely manner and to obtain the financing 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” and the failure to adapt the CompleTest™ technology as contemplated herein in a timely manner or at all, the risk that competitors will develop a similar or superior testing platform, the technology not having the anticipated testing benefits, the inability of FluroTest to obtain the necessary financing to achieve its purpose on satisfactory terms or at all, the failure to form strategic partnerships necessary to deploy and distribute the technology. 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.