Todos Medical Expands Partnership with Care G.B. Plus for Proprietary TBIA Cancer Tests to Include Europe, Israel and Africa
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09/16/2020 | 09:39am EDT
NEW YORK, REHOVOT, Israel and SINGAPORE, Sept. 16, 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 that it has expanded its partnership with Care G.B. Plus (Care GB) for the development and commercialization of its proprietary TBIA cancer diagnostic platform (Todos Cancer Tests) to include Europe, Israel and Africa. Todos originally executed an agreement for the development and commercialization of its Todos Cancer Tests in Israel alone in 2018.
In this expanded agreement, the companies agreed to form a joint venture (JV) for the Todos Cancer Tests in Europe, Israel and Africa, with Care GB owning 67% of the newly formed JV, and Todos owning 33%. Care GB is assuming all costs associated with product development and algorithm optimization responsibilities required to commercialize the Todos Cancer Tests in Europe, Israel and Africa. As part of the agreement, Todos’ Chief Technology Officer (CTO) Dr. Uzi Zelig will become the CTO of the JV and Care GB will provide full financial support for the laboratory and data generation requirements to support Todos’ existing commercial partner, Orot Luces, in its ongoing commercial distribution efforts in Romania. Todos maintains all rights to territories outside of Europe, Israel and Africa.
“This agreement is a very important step to ensure that our Todos Cancer Tests enter the commercialization phase in Europe with dedication in full towards a successful commercial launch,” said Gerald Commissiong, President & CEO of Todos. “Dr. Zelig has developed a tremendously powerful technology to surveil the immune system over the last 9 years since founding Todos. Now that Todos is in full commercialization mode in the United States on its COVID-19 diagnostic programs and in Israel, we believe it is the appropriate time to expand our relationship with Care GB so that the appropriate focus can be maintained to ensure a successful commercialization of Todos Cancer Tests in Europe and Israel. Given Care GB’s familiarity with the Todos programs, we believe this is the right partner to lead commercial efforts in manufacturing and laboratory operations.”
“We are very happy to expand our agreement with Todos and to bring Dr. Zelig on board as CTO to support the ongoing commercialization efforts in Europe and Israel for the Todos Cancer Tests,” said Mr. Assaf Gold, CEO of Care G.B. Plus. “With the breast cancer test preparing to complete the final stages ahead of a product launch with distribution partner Orot in Romania, now is the right time to take on the commercial commitments to support the launch to ensure full focus to achieve success.”