Todos Medical doubles August sales to around $1.2M on the back of surging demand for extraction reagents and equipment

Todos Medical Ltd (OTCQB:TOMDF) has reported promising sales numbers for August which saw a 100% sequential month-on-month jump driven by strong demand for extraction reagents and automated extraction equipment.   

For the month of August, the diagnostics company posted $1,190,000 in sales, compared with sales of $550,000 for July 2020.

During August, Todos also signed sales contracts with laboratories in New York, Texas and Wisconsin with a total value of more than $35 million and the right to supply up to 280,000 COVID-19 PCR tests per day.

Todos also entered into a common stock purchase agreement with Lincoln Park Capital, and signed an agreement with a South Korean manufacturer of rapid diagnostic tests for US distribution rights to its proprietary 10-minute rapid point-of-care  (POC) antigen test (Rapid Antigen) and its proprietary 40-minute rapid POC PCR test (Rapid PCR) for SARS-CoV-2.

READ: Todos Medical wins $23.76M contract to supply Wisconsin lab with coronavirus PCR testing equipment and supplies

In addition, Todos Medical announced positive analytical performance data for its proprietary saliva-based point of care rapid 3C protease coronavirus (COVID-19) test currently being developed with joint venture partner NLC Pharma.

“I’m pleased to be reporting 100% sequential-month sales growth while in parallel advancing our business strategy with new sales agreements and key strategic partnerships with global med-tech leaders, making several executive appointments and strengthening our balance sheet,” Todos Medical CEO Gerald E Commissiong said in a statement.

The Todos Medical boss said the company was planning to add “significant innovation” for cancer and Alzheimer’s testing in the US healthcare system, and to “vigorously pursue” these opportunities while “continuing to drive sales growth” through its coronavirus (COVID-19) testing business.

“As we expand our sales reach, we have initiated clinical studies for proprietary saliva-based 3C Protease and entered into a partnership with Pangea to integrate testing data reporting functions into telehealth platforms to improve data reporting functions for the ‘bubbles’ we are looking to help our clients establish across the United States,” added Commissiong.

“Taken together, we believe taking a more comprehensive approach to COVID-19 is required, as end clients are looking to purchase integrated solutions that can facilitate re-opening safely.”

Contact the author Uttara Choudhury at [email protected]

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Story by ProactiveInvestors