Todos Medical, Ltd. (OTCQB:TOMDF) has announced $7.15 million in sales for the month of February 2021, representing a 38.1% month over month increase from sales of $5.18 million in January 2021.
The company said the increase in sales was predominantly driven by increased PCR reagent and supply sales from a new New York City (NYC) Tri-State Area client, which recently completed installation and validation of Todos’ turnkey, automated workflow solution, including Tecan instrumentation.
Todos’ solution enables laboratories to increase revenue through the rapid expansion of processing capacity in order to cost-effectively bring sample processing in-house instead of referencing it out to partner labs. This client will be particularly focused on coronavirus (COVID-19) testing for schools planning to re-open in-person learning, it said.
Additionally, Todos said it expects another one of its pending NYC Tri-State Area clients to become operational and begin to bring sample processing in-house in the coming weeks. This client primarily provides comprehensive testing solutions for skilled nursing facilities.
“We have spent the last several months in execution mode, focusing on optimizing our PCR testing business, aligning ourselves more closely with our world-class engineering consultants, automating sample tracking and data reporting workflows, and training our clients’ lab staff to take on the significant task of reporting results for healthcare and other providers,” said Gerald E. Commissiong, president & CEO of Todos Medical in a statement.
“Along with the accelerating growth of our main COVID-19 PCR reagents and supply business for labs, we are continuing to optimize our COVID-19 product offering, including working closely with our strategic partner Aditxt (NASDAQ: ADTX) to build the world’s best immune profiling test that will provide information on immunity status to better understand an individual’s risk of infection while easing social restrictions such as in nursing home visits. We are working diligently to complete the acquisition of Provista Diagnostics which will add core molecular testing capabilities to our growing infrastructure and provide a breeding ground for optimized COVID-19 testing panels that will eventually lead to monitoring for derivative COVID-19 monitoring opportunities in early detection of breast cancer and Alzheimer’s disease, especially in long hauler COVID-19 patients.”
Commissiong added: “Furthermore, we are extremely pleased with the passage of the American Recovery Act. This vital legislation will unlock the resources needed to implement testing at scale and make our communities safer so children can return to school, and parents can get back to work.”
Headquartered in Rehovot, Israel, Todos Medical 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 US-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. 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.
Todos has also 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.
The company has formed a strategic partnership with Integrated Health LLC to deploy mobile COVID-19 testing in the United States. Additionally, Todos has entered into a joint venture with NLC Pharma to pursue the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target the reproductive mechanism of coronaviruses.
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Story by ProactiveInvestors
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