NEWS Sales during July exceeded $550,000
odos Medical Announces July Sales of COVID-19 Tests
GlobeNewswire
Todos Medical Ltd.
GlobeNewswireAugust 7, 2020
Sales during July exceeded $550,000
NEW YORK, NY REHOVOT, Israel and SINGAPORE, Aug. 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for the early detection of cancer and Alzheimer’s disease, today announced sales of more than $550,000 for the month of July. Sales were driven by 3D Med ANDis auto-extraction machine and 3D Med RNA extraction reagent purchases by US CLIA laboratories ramping up RT-PCR testing capacity. During July, Todos billed laboratory partners in Florida, Illinois, North Carolina, Pennsylvania, Texas and Wisconsin, addressing areas where cases of COVID-19 have recently surged.
“I’m pleased to report the recognition of COVID-19 test revenue and the momentum established by entering into key strategic partnerships with medtech industry leaders in the United States,” said Gerald E. Commissiong, President & CEO of Todos. “Our go-to-market strategy involves increasing our install base of 3D Med extraction systems that leads to ongoing reagent purchases with labs that are steadily increasing their testing capacity. From there, as our customers see the value in the quality and the speed of turnaround times for delivery; we believe they will seek to purchase additional products, including swab/viral transport media and our highly accurate qPCR test kits.”
Mr. Commissiong continued “The next phase of growth that we are seeing increasing demand for in August is our more comprehensive end-to-end packages, including RNA auto-extraction and RT-PCR machine and all the consumables required to run RT-PCR testing. There is a clear focus on adding testing capacity in the US heading into the fall season. CLIA Labs are looking for alternatives to existing established players in the market who are struggling to provide reliable delivery of machines and consumables for PCR testing, putting labs in a position where they cannot timely deliver for their clients. Being able to deliver quickly and consistently is how we are beginning to take US market share at a time when there is an increasing national focus in the US on increasing COVID testing capacity and reducing turnaround times. We intend to vigorously expand our customer base, as well as add complementary best-in-breed COVID testing products, such as antibody and antigen testing products, so that labs may provide more comprehensive solutions for their customers. We believe there is meaningful opportunity for Todos to add significant testing capacity to the U.S. healthcare system for COVID-19 as well as for other diseases, and we intend to vigorously pursue multiple products and disease categories.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid.com
For testing and PPE inquiries, please email sales@todosmedical.com
About Todos Medical Ltd.
Headquartered in Rehovot, Israel, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos recently entered into an exclusive option agreement to acquire U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The transaction is expected to close in the third quarter of 2020.
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain. In July 2020, Todos completed the acquired Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property, from Amarantus Bioscience Holdings, Inc. (OTC: AMBS).
