05:06:31 EDT Fri 14 Aug 2020
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Global Care Capital Inc
Symbol HLTH
Shares Issued 56,543,235
Close 2020-06-25 C$ 0.13
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Global Care unit gets PFDA OK to sell COVID-19 tests

2020-06-25 06:20 ET - News Release

Mr. Alex Somjen reports


Global Care Capital Inc.'s portfolio company, ViraxClear, through its joint venture, Shanghai Biotechnology Devices Ltd., has, further to the press release dated May 19, 2020, received its approval certificate from the Philippines Food and Drug Administration (PFDA) for the distribution of COVID-19 rapid antibody test kits for the Philippine market with a contract valued at up to $7.5-million in gross sales for the distribution of up to one million test kits for the Philippines.

Distribution contract for test kits in the Philippines

Following PFDA approval, Philippine medical device distribution company Novarad Asia Pacific Company 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 one year.

Alex Somjen, chief executive officer 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 Southeast Asia and we are excited to work with Novarad, who are very well positioned to market the ViraxClear products to its 100-million-plus population."

PFDA approval

The PFDA requires test kits to be on its 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 Philippine region.

Hangzhou Clongene Biotech Ltd. 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 metres in Hangzhou, China. Its products have obtained CE certificates, FSC certificates and U.S. FDA 510(k) clearances. Its product lines include raw materials, antibodies, antigens, enzymes, immuno diagnosis, fluorescence immunoassay (FIA) and molecular diagnosis-PCR.

About ViraxClear

ViraxClear focuses on commercializing novel products that address significant health care 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 Capital Inc.

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.

We seek Safe Harbor.

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