Relay Medical & Fio Announces Over $500,000 CAD in Contracts for Fionet Mobile COVID-19 Testing & Tracking Platform; Provides Operational Update

Relay & Fio joint venture, Fionet Rapid Response Group, announce over $500,000 CAD in initial contractsFionet is a first-of-its-kind mobile testing & tracking platform designed to administer widespread rapid testing, for infectious diseases including COVID-19, and capture real-time data & insightsFRR has begun platform configuration with COVID-19 rapid diagnostic tests from Abbott, Roche and Proprietary Innovation Labs, positioning Fionet to support some of the most widely accessible COVID-19 tests in the worldFRR takes delivery of the first production run of mobile testing devices from its Minneapolis-based contract manufacturing partner KeyTronic (NASDAQ: KTCC)
TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), and Fio Corporation (“Fio”), together Fionet Rapid Response Group (“FRR”) are pleased to provide an update on contracts exceeding $500,000 CAD.In an alliance with South Korean rapid diagnostic test (RDT) maker, IVD Lab Co, FRR announces a contract with funding assistance provided by the National Research Council Canada (NRC) to bring to market a new type of RDT that can greatly ease the burden on hospitals and save lives. Validation of this innovative RDT has started at UHN in Toronto, North America’s largest teaching and research hospital.Fio Corporation holds the IP on the combination of biomarkers that made this test possible. South Korea is a country noted for outstanding production quality of RDTs.This innovative RDT, for use alongside rapid tests that diagnose infectious diseases, is a simple blood test designed to distinguish those infected patients who are at great risk to become critically ill (and hence will need hospitalization) from those who will safely recover at home. US hospital capacity is now capped, yet the number of COVID-infected people is growing. To prevent death toll skyrocketing, it will be indispensable to keep hospital beds for those that will really need them. This test is designed to predict critical illness, or sepsis, in infectious diseases, and will be paired to the Fionet Device.In Kenya, FRR has completed the deployment of Fionet in 10 primary care healthcare facilities in Kenya. The Fionet Patient manager is used for reception, triage, clinical consultation, lab, and pharmacy, including a COVID-19 screening module. FRR team provided configuration services, training, and support to the local teams and currently, the Fionet platform is currently producing reports for the Meru department of health to submit to the Kenya ministry of health.“This deployment in Kenya demonstrates the flexibility and data management strength of Fionet. To control a pandemic, testing in the community must be fused with real-time data capture and distribution, not only when they show up for testing, but also as they follow through with treatment,” said Dr. Michael Greenberg, CEO of Fionet Rapid Response Group and CEO of Fio Corporation.In addition, FRR is in negotiation with several other leading healthcare organizations around the world to pilot and/or deploy Fionet to support rapid testing programs for COVID-19 and other infectious diseases.Fionet begins configuring platform for multiple leading COVID-19 rapid diagnostic testsFRR is pleased to announce it has successfully received multiple COVID-19 lateral flow rapid diagnostic tests that will be configured to operate with the Fionet platform:Abbott Panbio COVID-19 Ag Rapid Test. The test is CE marked and approved by Health Canada for point of care diagnosis. Abbott Panbio is being used across Europe and Africa and recently, the Government of Canada announced the purchase of 20 million tests to be used by public health authorities to combat the pandemic1.Roche SARS-CoV-2 Rapid Antigen Test. The test is CE marked for markets accepting the designation including the European Union. Roche previously indicated that it will be able to produce up to 100 million tests per month to distribute worldwide2.Proprietary Innovation Labs Antibody and Antigen Tests. Relay Medical recently announced the signing of an LOI for the exclusive sales and distribution rights of these tests. Both tests are CE marked with potential production capacity of 25 million per month.With these tests on hand, development activities will commence to configure the Fionet software and analysis engine to be compatible with identifying, error checking and interpretation of results. Onboarding of the tests will support trial or pilot deployments for upcoming clients.Production of Mobile Testing DeviceFRR is pleased to announce the delivery of the first production run of the new COVID-19 mobile testing devices from its contract manufacturer KeyTronic (NASDAQ: KTCC). This initial run of devices will be used for verification activities, onboarding of rapid diagnostic tests and supporting initial pilots. FRR expects to receive additional devices from the pilot run within the next 2 weeks as part of its first order to activate the assembly line._______________________________
1https://www.canada.ca/en/public-services-procurement/news/2020/10/government-of-canada-signs-new-agreement-for-covid-19-rapid-tests.html
2https://www.roche.com/media/releases/med-cor-2020-09-01b.htm

**The Companies are not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.
About Fio CorporationFio Corporation, privately held and headquartered in Toronto, developed and markets the world’s first integrated guidance & tracking IT platform for decentralized healthcare settings, a new category of solution that raises healthcare quality and lowers healthcare costs. The platform enables average healthcare workers in clinics to deliver a new level of quality-controlled diagnostic testing and case management. Simultaneously, as an automated by-product of its clinical use, the platform captures and provides unprecedented frontline data to remote supervisors and stakeholders, enabling real-time remote tracking, insight distribution, and intervention. Fio operates globally in partnership with local distribution, service, and support organizations and also partners with other companies that license its technologies.Website: www.fio.comAbout Relay Medical Corp.Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.Website: www.relaymedical.comContact:
W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
[email protected]
Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: [email protected]
Forward-looking Information Cautionary StatementExcept for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law.   Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.   Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE.  There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control.  There are no assurances that the commercialization plans for the Company’s technologies described in this news release will come into effect on the terms or time frame described herein.   The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law.   The reader is cautioned not to place undue reliance on forward-looking statements.   Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c73e26ec-59f6-4967-825e-53d60a7386d5

Resource News, Oil and Gas News, Mining News, Renewable News

Resource News

Oil, Gas, Mining & Metals

Start typing and press Enter to search

shares