CALGARY, Alberta, June 17, 2021 (GLOBE NEWSWIRE) -- FluroTech LTD. (TSXV: TEST) (OTCQB: FLURF) and wholly owned subsidiary FluroTest Diagnostic Systems ("FluroTest" or The Company), a diagnostics technology leader in high output rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, are pleased to be recognized in Grand View Research’s June 2021 report: COVID-19 Saliva Screening Test Potential Market.
According to the report, the global COVID-19 saliva screening test potential market was valued at USD $2,955.9 billion in 2020 and is expected to reach USD $3,102.55 billion in 2021 expanding at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. Key factors that are driving the COVID-19 saliva screening test potential market growth include the advantages of using saliva as a diagnostic specimen, increasing product approvals by regulatory agencies, and a paradigm shift toward point-of-care testing.
The report goes on to state that fluorescence-labeled antigen/antibodies testing enables rapid identification of individuals who are actively contagious and is an effective screening modality for cruise ships, airplanes, sports stadiums, and schools. The combination of vaccination and fast and frequent testing using Fluorescence-labeled antigen/antibodies test holds promising potential in ending the pandemic.
Taking Flight - With Extreme Caution
Grand View Research suggests that amid the ongoing SARS-CoV-2 pandemic, air travel has fallen sharply, leading to a significant reduction in foot traffic at airports. This has severely impacted the economy leading to the screening of passengers becoming a necessity for airports and airlines to curb virus transmission.
According to the International Civil Aviation Organization (ICAO) Air Transport Bureau, an overall reduction in airline passengers was up to 60.0%, i.e., 2, 699 million passengers in 2020. The operating revenue of airlines reduced by approximately. USD 371 billion due to the pandemic. For North America, the revenue was reduced by USD 88 billion. This indicates a high potential of the North American region in using saliva-based COVID-19 screening tests for its economic growth.
“9-11 forever changed our airports and border crossing security checks twenty years ago, but COVID-19 has again surfaced an invisible threat that remains largely unchecked in much of the critical infrastructure that we all take for granted -- even as we slowly attempt to open society back up,” said Bill Phelan, CEO of FluroTest. “News reports suggest that the four Canadian airports that are still accepting international flights are operating at about five per cent of their pre-COVID levels — but with the current COVID-19 public health measures in place, they are at capacity. And in the US, bi-partisan legislation was just introduced calling for the National Coronavirus Commission Act to investigate the vulnerabilities of the public health system and issue guidance for how the American people can be better protected from future pandemics.”
According to Grand View Research, as the number of people visiting public places is increasing and reaching pre-pandemic statistics in a few countries, there is a growing demand for rapid, point-of-care COVID-19 tests to mitigate viral transmission from asymptomatic people. This has enhanced the R&D for the development of simple yet effective saliva-based tests and is expected to create lucrative opportunities for several developers.
Shifting to Saliva-based Testing
The report notes that timeline and scalability challenges pertaining to molecular swab-based SARS-CoV-2 testing are key factors that are prompting consumers to shift to saliva-based testing/screening approaches. The emergence of SARS-CoV-2 variants in South Africa, the U.K., and Brazil, which were observed to be more transmissible than the original strain, solidifies the need for rapid tests. Increased concern over the frequency and spread of these variants is expected to fuel the demand for widespread surveillance and screening. The introduction of the Fluorescence-labeled antigen/antibodies testing Pandemic Defense Platform was found to be effective in these programs. Vaccine administration alone is not likely to be sufficient, rapid testing will be required for mass screening to reopen businesses.
“It’s remains unknown how COVID-19 will continue to affect our lives, which makes it more important than ever to keep safety measures and testing a priority for everyone,” said Dr. Joxel Garcia, FluroTest Chief Medical Officer. “Considering the world population, only 20% have received at least one dose of a COVID-19 vaccine, and only .8% of people in low income countries have had at least a single dose. Antigen testing with FluroTest offers an important accessibility benefit—there’s no need for medically trained personnel, specific chemical supplies, or centralized, expensive lab instrumentation. Testing for COVID-19 must become a routine part of life to keep outbreaks at bay and ensure infection-free environments that are not defined by ‘haves’ and ‘have nots’ or geographic borders.”
FluroTest’s high-volume antigen system is designed to facilitate very fast and accurate point of access testing of individuals by leveraging the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing. High-risk pandemic environments supported will include athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, manufacturing facilities, schools and colleges, hospitals and large healthcare facilities, transportation and distribution hubs and other large businesses. FluroTest is presently engaged in clinical trials and plans submissions for Emergency Use Authorization (“EUA”) from the U.S. Food and Drug Administration (“FDA”) and from Health Canada for an Interim Order Authorization.
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the pre-approval stage and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus.
About FluroTech (TSXV: TEST) (OTCQB: FLURF)
The goal of FluroTech's research and technology is to develop detection methods which are high speed, sensitive, specific and easy-to-use. By combining FluroTech's proprietary spectroscopy-based technology with laboratory robotics automation and cloud computing, FluroTech, through the application of its technology and investment in FluroTest Diagnostic Systems Ltd. ("FluroTest"), the interests in which have been disclosed in previous press releases, has created a unique solution addressing the current and future pandemics. Using technology that was first developed at the University of Calgary, the FluroTest SARS-CoV-2 test is designed to identify patients with active virus infection; this is not necessarily the case for most of the currently approved tests that are meant to identify patients with SARS-CoV-2 nucleic acid.
About FluroTest Diagnostic Systems Ltd.
FluroTest, a diagnostics technology leader in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly accurate testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest's system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs and other large business and retail locations. Created to support executive business continuity efforts and public well-being, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing -- processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker's mobile device within 5 minutes. To learn more, visit FluroTest.com.
For all FluroTech investor inquiries:
MarketSmart Communications Inc.
1-877-261-4466
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FluroTech Ltd.
Danny Dalla-Longa, CEO
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer's perspective financial performance or financial position. The forward-looking information in this news release includes disclosure about the ability of the Company's testing devices to accurately and quickly detect COVID-19 and to process large numbers of samples in short time frames, the benefits of and demand for the Company's testing devices, its efforts to obtain approval of the FDA and Health Canada, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostic Systems Ltd which owns a 100% interest in FluroTest LLC. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the ability to obtain FDA and Health Canada approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostic Systems Ltd which owns a 100% interest in FluroTest LLC and to obtain the regulatory approvals required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation's Annual Information Form under the heading "Risk Factors", the failure to develop and commercialize its testing devices in a timely manner or at all, the failure to recognize the anticipated benefits from the devices, the failure to obtain FDA or Health Canada approval for its products, the risk that regulatory approvals will not be received and the risk that changing circumstances will result in the decrease in demand for FluroTest's products. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.