FluroTest Provides System Development Update
FluroTest Provides System Development Update; Reports Point of Access Test System and Immunoassay for SARS-CoV-2 Detection is Fully Functional
CALGARY, Alberta, Nov. 19, 2021 (GLOBE NEWSWIRE) -- FluroTech LTD. (TSXV: TEST) (OTCQB: FLURF) and wholly owned subsidiary FluroTest Diagnostic Systems ("FluroTest" or The Company), a developer of diagnostics technology in high output rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, today provided a progress update on its efforts to bring its Pandemic Response Platform to market.
FluroTest has been developing its “Pandemic and Emerging Disease Defense Platform” since late January 2021. The Company has made significant progress in its research and development efforts during just this 10-month period. The Company has optimized its test protocol and is realizing a 30x to 40x improvement in all aspects of the process. The Company has recruited key advisors with deep experience in both specific technologies being deployed and commercialization of other diagnostic assays unrelated to COVID. Based on the results from the new protocol, the Company believes it is positioned to achieve a disruptive breakthrough in the development of its “point of entry /point of access” testing solution.
Important breakthroughs include:
Reduction of steps in sample processing – This resulted in an optimized sample processing protocol reducing time and complexity as well as the elimination of certain laboratory processing equipment in the testing system solution.
Testing protocol simplification – The Company has made great strides in refining the type of instrumentation required to read processed test samples, further reducing the time necessary for each reading as well as reducing the capital cost of field-based instrumentation hardware by as much as 50%.
Materials cost per test reduced – While initial estimates of the direct cost of each test to the Company would approximate US $5.00 to US $6.00, the Company’s optimized protocol development efforts produced a cost estimate per test of less than $1.00, thus providing the Company with significant flexibility in pricing tests much lower to the consumer while still maintaining favorable gross profit margins.
Platform solution cost per test improved – The optimization of sample processing and equipment necessary to process tests will lower the capital cost per platform by as much as 50%, thus making the platform solution more affordable to significantly more potential customers and enabling more frequent testing.
The Company expects in 3 to 4 months it will complete test optimization, protocol development, and prepare to enter clinical trials.
“The process for scientific discoveries and innovation takes rigorous work. However, through our rigorous scientific process the Company has achieved breakthrough improvements this year. We will have created a system that can serve a significantly greater population in even more environments than we originally anticipated and at lower cost,” said Bill Phelan, CEO of FluroTest.
“FluroTest is on the way to achieving significant breakthroughs in the areas of testing and surveillance support for emerging diseases and pandemic mitigation. By dramatically reducing its cost per test as well as the initial investment in the test platform, it can be accessible to more populations on a low cost basis globally,” said Dr. Joxel Garcia, the 14th US Assistant Secretary for Health and former US Representative to the W.H.O., and scientific advisor to FluroTest.
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the pre-approval stage and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus.
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