VANCOUVER, British Columbia, June 25, 2020 (GLOBE NEWSWIRE) — Global Care Capital Inc. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ViraxClear, through its joint venture, Shanghai Biotechnology Devices Ltd. has, further to the press release dated May 19th, 2020, received its approval certificate from the Philippines Food And Drug Administration (“PFDA”) for the distribution of COVID-19 Rapid Antibody Test Kits (“Test Kits”) for the Philippines market with a contract valued at up to $7.5 million in gross sales for the distribution of up to 1 million Test Kits for the Philippines.
Distribution Contract for Test Kits in the Philippines
Following PFDA approval, Philippines medical device distribution company Novarad Asia Pacific Company (“Novarad”) has become ViraxClear’s exclusive distribution partner for the Philippines for ViraxClear Test Kits. The full contract value is worth up to $7.5 million, over a period of 1 year.
Alex Somjen, CEO of Global Care, stated “This distribution deal represents the first of many similar deals that ViraxClear is currently lining up with other strategic distribution partnerships it has been working on over the last few months. The Philippines is a major economy in South East Asia and we are excited to work with Novarad, who are very well positioned to market the ViraxClear products to its’ 100 million + population.”
The PFDA requires test kits to be on their approved list before being allowed through customs for sale in the country. ViraxClear tests have been approved in collaboration with Hangzhou Clongene Biotech Ltd., the ViraxClear manufacturing partner for the Philippines region.
Hangzhou Clongene Biotech Ltd. (“Clongene”) is a high-tech enterprise specialized in biological raw materials and in vitro diagnostic products. Founded in 2004, Clongene is equipped with state-of-the-art ISO 13485:2016 accredited- China GMP compliant R&D and manufacturing facilities covering 19,000 square meters in Hangzhou, China. Their products have obtained CE certificates, FSC certificates and US FDA 510(k) Clearances. Their product lines include Raw materials, Antibodies, Antigens, Enzymes, Immuno diagnosis, Fluorescence immunoassay (FIA) and Molecular diagnosis- PCR.
ViraxClear focuses on commercializing novel products that address significant healthcare needs with a specific target on the novel coronavirus (COVID-19). The company’s main focus is marketing its ViraxClear Rapid IgM-IgG Combined Antibody Test. The ViraxClear Rapid IgM-IgG Combined Antibody Test for COVID-19 is a lateral flow immunoassay used to qualitatively detect both early and late marker IgG/IgM antibodies.
About Global Care
Global Care Capital is a global investment company which specializes in providing early stage financing to private and public companies. The Company engages in new, early stage investment opportunities in previously underdeveloped assets and obtaining positions in early stage investment opportunities that adequately reflect the risk profile.
GLOBAL CARE CAPITAL INC.:
Alex Somjen, President & CEO
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Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com