Medivolve Announces Investment Into Marvel Diagnostics and Its Non-Invasive Exhaled Breath Diagnostic Technology
TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) — Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce a share purchase agreement to acquire up to 40% of Marvel Diagnstics Inc, for an aggregate price of up to US$1 million through a series of milestone-based payments. This funding will be used to complete clinical studies for the BlowFISH collection system and to design and optimize, manufacture and market the device. The BlowFISH sample collection system is based on continuous condensation and can efficiently collect a substantial liquid sample directly from a patient’s exhaled breath requiring the patient to simply blow into an inexpensive disposable device a few times.
“We are very excited about the BlowFISH technology that Marvel Diagnostics is progressing towards commercializing; we believe a non-invasive testing solution will be the future of diagnostics for all respiratory illnesses,” commented Medivolve CEO Doug Sommerville. “From our analysis it is clear Marvel Diagnostics will have developed a cost-effective and scalable solution to replace uncomfortable and inconvenient deep nasal swab technolgoies.”About the BlowFISH TechnologyThe non-invasive low-cost BlowFISH will be a disruptive technology in an essential and fast growing market. The BlowFISH POC system comprises a standalone BlowFISH collector which, when coupled with Marvel’s proposed FISH detection system, is expected to have very high sensitivity, excellent specificity, a short single test run time, and high capacity (10 min/test, 180/hr capacity).The technology will be rolled out sequentially. The stand-alone collector (BlowFISH) will come to market first as a direct replacement for the nasopharyngeal swabbing. The next step will couple antigen-based detection to the BlowFISH collector to produce a simple, fast POC system. When the viral-RNA detection (FISH) system is fully-developed, the BlowFISH collector will be sold directly to customers while the FISH detection equipment will be loaned with a multi-year contract and minimum number of kits purchase agreement.The BlowFISH collector will be compatible with existing and emerging POC diagnostic test systems, such as an rtPCR-based test. It is a simple matter of extracting the exhaled breath condensate from the collection zone and shipping it off for diagnostic testing.This technology is being developed as an alternate solution to the standard diagnostic testing techniques for upper respiratory infections, which are conducted through deep nasal swabbing. This deep nasal swabbing is invasive, uncomfortable and requires trained personnel to reduce error, avoid tissue damage and prevent secondary infection, creating concerns over patient compliance. The non-invasive nature of the collector is particularly useful for children and adults who require multiple sampling.The system also provides some additional unique advantagesMaximizes the collection of virus shed in the exhalate;Samples directly from deep within the lungs;Enables rapid (~10 minute) diagnosis; andForms the base technology for a line of sentinel systems for environmental testing.“By combining our groundbreaking innovations in fluid flow, heat transfer, mass transfer and surface science, we are able to capture aerosolized virus particles in exhaled breath at a very high rate using our BlowFISH technology. Adding fast detection to the collection device will provide a low-cost, high accuracy collection/detection system that can provide not only positive/negative results, it can also be used to measure the level of infectousness and identify super spreaders,” Dr. Pirouz Kovehpour, UCLA Professor and Marvel Diagnostics co-Founder.COVID-19 Research Disclaimer: Medivolve cautions that this research is still early stage research and development and is not making any express or implied claims that it has or will have the ability to detect the SARS-CoV-2 virus at this time. Further, Medivolve cautions that it is not making any express or implied claims that the device(s) or technology will have successful clinical study results or be in a position to obtain FDA approvals required to commercialize the technology.About the Agreement
The share purchase agreement allows Medivolve to purchase up to 40% of Marvel Diagnositics for an agreegate purchase price of up US$1 million. Medivolve will make an initial investment of US$165,000 within 30 days to acquire approximately 6.6% of Marvel Diagnostics. Medivolve will make a second investment of US$165,000 within 60 days to acquire an additional 6.6% of Marvel Diagnostics. Following the two initial investments, Medivolve shall have the right to purchase an additional 26.8% of Marvel based on a series of milestones that include:Successful clinical trial result for the BlowFISH collection device;Successful receipt of emergency use authorization for the collection device and;Receipt of emergency use authorization for rapid antigen BlowFISH detection.As part of the investment, Medivolve will appoint a director to the board of directors of Marvel Diagnostics.About Marvel Diagnostics Inc.Marvel Diagnsotics Inc. is a company focused on the commercialization of the novel BlowFISH technology developed by its UCLA-based research team funded by NSF-RAPID and NIH. The Marvel Diagnostics research team led by Pirouz Kavehpour (Professor, UCLA) with Jonathan Rothstein (Professor, UMass-Amherst) and Jeff Ruberti (Professor, Northeastern U.), all former labmates at Massachsetts Insitute of Technology nearly 20 years ago. Moving forward, Leyla Mirmomen (PhD/MBA) is the executive who will lead the commercialization of the technology and run the company.The Marvel Diagnostics team also has several medical experts at UCLA’s hospital serving as consultants for infectious disease, FDA clearance and clinical trials. Marvel Diagnostics intends on raising additional funding in the Winter 2021 following successful clinical studies. Marvel Diagnostics will leverage an existing partnership with UCLA to develop the company.About Medivolve Inc.Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.For additional information, please contact:Doug Sommerville, CEO
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+1-508-643-8000Cautionary Note Regarding Forward-looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the investment in Marvel Diagnostics; the capabilities and commercial viability of the BlowFISH technology; the economics of the BlowFish technology; the expansion of COVID-19 testing sites; the proposed roll-out of testing sites; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f10c0da-9030-4d27-80b8-79343bbbefcd