Toronto, Ontario–(Newsfile Corp. – August 19, 2020) – Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) (“Relay” or the “Company“), and Fio Corporation (“Fio“) are pleased to announce the establishment of a joint venture (“JV“) to accelerate adaption and delivery of Fio’s proven data-and-device platform, Fionet, as a COVID-19 pandemic testing, data collection and reporting solution. The JV will operate under the name “Fionet Rapid Response Group” and be headquartered in Toronto, Canada. Relay and Fio previously announced the signing of a Memorandum of Understanding May 15, 2020.
The Fionet Rapid Response Group will enable mass distributed testing and automated aggregation, triage, and tracking to contain COVID-19, for deployment by public health agencies, retail health providers and private sector companies in Canada, the United States, Europe, Africa, and elsewhere.
The combined capabilities of the JV significantly strengthens Fio’s ability to rapidly advance and pursue commercial opportunities related to its technology, which has been proven on more than one million cases in over a dozen countries for managing community-based RDT testing, triage, and tracking outbreaks of high-consequence infectious diseases, such as malaria, HIV, dengue, and Ebola, and has been further validated by several dozen publications in scientific journals.
“Together and right now, we have an opportunity to achieve unique success by enabling the large-scale community-based testing, triage, and tracking that is indispensable for a safe return to social and economic life worldwide. This JV to accelerate Fionet’s scale-up for COVID-19 is springboarded by our previous collaboration and the resulting mutual technical familiarity and respect between the two companies,” said Dr Michael Greenberg, CEO of Fio Corporation
In preparing for the JV, the two companies have already defined a technical, regulatory, and production plan to support the sales pipeline that Fio has developed in parallel. Drawing on resources from both Relay and Fio, the JV will provide a collective infrastructure of personnel and facilities to focus on customizing Fionet for COVID-19 test-triage-track regimes using approved third-party rapid diagnostic tests (RDT), and on connectivity to molecular tests (such as PCR). The JV will ensure that these applications are compliant with FDA, Health Canada, and other international medical device standards. The JV will also include the integration of compatible and complementary assets such as machine vision, AI and cloud processing from Relay’s portfolio including HemoPalm Corp. and Pharmatrac technologies, to extend Fio’s data-device platform.
The JV will be overseen by two directors from each company, with Dr. Michael Greenberg appointed CEO and President. Both Relay and Fio are licensing technologies to the JV to expedite product expansion and worldwide sales of the pandemic response technology. Relay will provide an aggregate of $1,500,000 of development support to the JV and assist in organizing capital for production and deployment. In return, Relay will receive royalties on all JV sales. Upon attainment of certain value-creating milestones, Relay will convert its interest in the venture into Fio shares.
Need for mass distributed COVID-19 testing
Rapid diagnostic tests (RDTs) are being approved to detect active infections by targeting antigens of the COVID-19 virus and to detect past infections and immune response by targeting specific antibodies. These tests can be manufactured in high volumes and provide results on the spot. When combined with the AI-based quality control and automated interpretation of Fionet devices, such tests provide fast accurate results that are instantly transmitted to a cloud and distributed to public health and other stakeholders responsible for managing the pandemic. Given the importance of the data, tools which can help assure diagnostic accuracy and collate results are needed to facilitate safe and effective mass testing of the population for disease presence and exposure.
Beyond RDTs, Fionet can also connect to other types of diagnostic devices, such as molecular testing, and combine these test results with triage data and upload all of it in real time for off-site supervisors and public health officials.
“We could get back to as normal life as possible if we can stop the chain of infection of COVID-19. This can be achieved through deployment of mass distributed COVID-19 rapid diagnostic testing. The Fio platform produces quick and accurate testing results that allow health professionals to make data-driven-decisions and take appropriate action at point of care and at policy level,” said Yoav Raiter, CEO, Relay Medical Corp.
Details of Fionet Platform
Fionet is a proven data-and-device platform for pandemic response that enables controlled, community-based testing, triage, and real-time tracking to manage current and future biothreats. The technology can expand the capability of frontline workers to combat the pandemic beyond the few overburdened medical centres and labs to thousands of frontline health posts, such as pharmacies, clinics, airports, schools, nursing homes, food processing plants and workplaces.
The Fionet cloud-platform combines point-of-care, handheld devices connected to online AI-powered data services, enabling distributed testing and automated aggregation of diagnostic data from multiple diagnostic devices that can support public health decisions with accurate, real-time data.
“Fionet enables everyday healthcare workers to deliver expert-level diagnostic testing and triage at frontline health posts. In real time, supervisors can remotely see and guide frontline healthcare activity. Public health officials can manage responses and resources to new levels of precision and promptness. And in the process, it digitizes all frontline activity,” said Dr. Michael Greenberg, CEO of Fio Corporation.
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