FluroTech Provides an Update on the COVID-19 Test Development Thesis
CALGARY, Alberta, April 28, 2020 (GLOBE NEWSWIRE) – FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), is pleased to provide an update on its business strategy as it relates to the development of a COVID-19 analytical testing device. The scope of FluroTech’s contribution along with its equity participation is still being determined; however, its share in FluroTest is currently expected to be in the range of 30% to 40%. The partnership and the development of the testing device is subject to financing.
As previously disclosed, 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 (the “Platform Technology”) and looking to adapt that technology to be able to test for COVID-19. We are still in the early stages of research and development and accordingly are not currently making any express or implied claims that the technology can, or will be able to, accurately diagnose the COVID-19 virus.FluroTest plans to complete a financing and enter into partnerships with strategic partners, including manufacturers and contact tracking companies.FluroTest is a development stage, Delaware limited liability corporation initially formed with several strategic partners, including Alberta BioPhotonics Ltd. (ABP), FluroTech and the medical college based in Albany, NY. The Company’s goal is to utilize specific fluorescence-labeled antibodies to target a specific virus and/or labeled virus components, which FluroTest believes can result in, among others, the following four potential outcomes:Rapid detection and identification of a specific virus using an easier and safer method to obtain saliva samples;Quantification of the viral load in such sample;Development of an antibody test for the detection and quantification of specific antibodies in the population; in order to determine if immunity has been developed; andDevelopment of a novel methodology that can be applied to rapidly detect, identify, and test new future viruses and associated antibodies with a low-cost, point of care kit.FluroTest believes that these four possible outcomes could be accomplished through the deployment of a test at the point of care (“POC”) in a short period of time, which based on the currently commercialized Platform Technology, may be as fast as 15 minutes after sample collection.FluroTest’s technology development efforts require expertise in spectroscopy and fluorescence as well as immunology and virology. This initiative is a collaborative effort between U.S. and Canadian scientists.FluroTest believes that the fluorescence signal of small labeled specific binding molecule such as an antibody can be precisely measured and will only change upon binding to its target, in this case the COVID-19 virus. The magnitude of the change will provide information about the viral load range. Inversely, virus proteins, virus like particles or any other relevant viral macromolecule can be labeled and used as target for antibodies that were developed during the immune response of patients.If successful, FluroTest believes that this single platform could produce reliable, fast, low level, and quantifiable values of both the COVID-19 virus and the immune response antibodies created by it. This should quickly determine if the patient had the virus, and if so, what stage it was in and if immunities were already developed. FluroTech’s advances in combining their fluorescence hardware and knowledge of antibody detection in the CBD/THC field, partnered with the expertise of acclaimed researchers at the medical center based in Albany specializing in immunology and microbial diseases, leads the FluroTest team to believe that it can enable the CompleTest™ platform to be readily adapted to examine the current and future viral strains and associated antibodies.FluroTest’s goal and belief is that as this “new world order” evolves there will be a need for more than just negative/positive testing protocol and that this current pandemic may continue for some time with several waves and mutations over time, as is observed with seasonal influenza.Dr. Elmar Prenner, PhD and Senior Science Advisor of FluroTech, has helped prepare and approves the scientific information in this news release.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.