- Sales primarily made up of extraction reagents
- Wisconsin client received request from State of Wisconsin to increase PCR testing by 200%
- Liquid handlers that increase capacity to 20,000 qPCR (4x of current capacity) tests per day delivered to Wisconsin client
- Wisconsin client per test revenue expected to increase 267% upon addition of qPCR kits to its weekly order in second half of November once liquid handler validation is complete
NEW YORK, NY, REHOVAT, ISRAEL, SINGAPORE, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Todos Medical (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 revenues for the month of October of $867,000, representing a 147% month over month increase in sales. The revenues were primarily made up of extraction reagents sales. Current weekly orders for our extraction reagents have increased to over 40,000 units per week for our legacy clients. The Company is currently assisting its 5 largest contracted clients to complete qPCR kits validations and expects revenues from those qPCR kit sales to begin towards the end of November 2020, at which point the Company’s clients will have capacity to run over 350,000 tests per week.
“The month of October was critical for Todos as we continued to build the infrastructure needed to support sales growth in our extraction reagents business, and began preparations for the addition of qPCR kits as a major revenue driver heading into the winter months,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We have made considerable investments to help our clients automate various lab processes to improve efficiency, capacity and quality control for COVID testing. We have identified suppliers and have now sourced large quantities of vital accessories, such as manual and robotic pipette tips and qPCR plates, that are in extremely short supply in the lab services market as testing increases worldwide. With this access to the key workflow items needed to scale our clients now firmly established, we are assisting our lab clients reach larger testing capacities just as we are seeing a record spike of COVID-19 cases in the United States.”
Mr. Commissiong continued, “Todos submitted an emergency use authorization request for its Todos-branded qPCR kits in September 2020. Several of our clients are beginning to validate our COVID qPCR assay, as well as our COVID + influenza a/b qPCR assay as demand begins to grow for this innovative product heading into flu season. We believe that the addition of influenza a/b will differentiate our qPCR kits from others in the market, and that several new labs will begin using Todos’ qPCR kits given its high quality and the related ready access to all the consumables and equipment needed to meet their demand. We have also begun sales, through sub-distribution partners, of rapid antigen and rapid antibody tests in the United States that we expect will be a major driver of point of care testing that is set to explode in the months ahead. We support this type of surveillance testing, largely because asymptomatic COVID cases identified by antigen testing must be confirmed by PCR, which is likely to increase PCR testing demand as many more people become used to weekly testing regimes. We believe that the combination of rapid point of care tests combined with lab-based PCR testing will become the bedrock of the United States testing paradigm as we head into 2021. Further, we are making progress in bringing on new testing technologies that will allow for monitoring of immune responses from active COVID cases, as well as newly vaccinated individuals as vaccines begin to enter the market later this year.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com
For testing and PPE inquiries, please email [email protected].
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.
Additionally, Todos has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States. Todos has formed strategic partnerships with Integrated Health LLC, MOTOPARA Foundation to deploy mobile COVID-19 testing in the United States.
For more information, please visit https://www.todosmedical.com/.
Forward-looking Statements
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Todos Investor Contact:
Kim Sutton Golodetz
LHA Investor Relations
Senior Vice President
(212) 838-3777
Todos Corporate Contact:
Priyanka Misra
Todos Medical
(917) 983-4229 ext. 103