Victory Square Technologies says portfolio company wins approval to sell Safetest Covid-19 Rapid Test in Brazil

Victory Square Technologies Inc (CSE:VST) (OTC:VSQTF) (FRA:6F6) says its portfolio company Victory Square Health was granted approval Friday from Brazillian regulators to begin marketing, sales, and distribution of its 15-minute Covid-19 test in the country.

The company’s Safetest Covid-19 Rapid Test can detect whether users have the coronavirus and are infectious, have had the virus and show antibodies or have never been infected. The test is easy to administer, provides accurate results in 15 minutes and is light and compact for use, distribution, shipping, and acquisition, the company said.

The Brazilian Health Regulatory Agency (ANVISA) approved the company’s test, which detects the antibodies IgG and IgM.

READ: Victory Square says 2020 was a ‘record year’ with upcoming catalysts for accelerated growth

“Since announcing Victory Square Health’s prior ANVISA approval for our 3-hour Elisa Covid-19 lab test received on September 8, 2020,  Brazil has seen an increase of 3,585,952 Covid-19 cases in the country and 69,058 deaths as of January 4, 2021 [per Statista],” CEO Felipe Peixoto said in a statement. “Our Safetest Covid-19 Rapid Test is designed to effectively help identify and control the spread of the novel coronavirus. This approval from Brazil now enables our company to strategically produce and sell our cost-effective and highly accurate Rapid Test products to the world’s third largest Covid-19 infection rate country.” 

In November, VS Health announced a strategic partnership with Molkom Pharmaceuticals to sell and distribute its Safetest Covid-19 Rapid Test and other tests in Brazil and for export to Argentina, Paraguay, Uruguay, and Venezuela. Molkom has more than 24 years of experience in Brazil and more than 14 years in Latin America. 

The company also previously announced a sales and distribution contract with a Brazilian medical company for an initial order of 3.7 million Covid-19 Rapid Tests — a deal waiting for ANVISA approval.

“With this ANVISA approval, our company is now able to fulfill the current backlog of orders for our Covid-19 Rapid Testing kits,” Peixoto said. “We’re also prepared and able to accommodate the incoming flux of new orders for our Rapid Test and for the ongoing demand in the upcoming year moving forward.” 

Additionally, VS Health also announced that the board of directors approved an aggregate of more than 2.7 million incentive stock options to certain directors, officers, employees and consultants of the company, in accordance with its stock options plan. The options are exercisable at a price of $0.60 per share for a period of three years, ending January 11, 2024.

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors