FluroTech Announces Joint Venture SARS-CoV2 Test Method Optimization

CALGARY, Alberta, Nov. 12, 2020 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or “the Company”) is pleased to announce that has begun optimization of its SARS-CoV2 rapid detection test method with nanoComposix, a highly regarded life science nanotechnology company that specializes in the development and manufacturing of lateral flow rapid tests.

The purpose of optimization is to advance FluroTest’s test method from proof of concept to commercial scale production readiness as it prepares for the U.S. Food and Drug Administration’s review process.  

Founded in 2004, nanoComposix has a multi-disciplinary team of scientists with backgrounds in chemistry, physics, and engineering. nanoComposix has worked with over 100 different clients to develop materials, composites and formulations with tailored optical and physical properties for a wide range of applications including medical devices, nanoparticle drug delivery, optical sensors, and consumer products.

“nanoComposix is a key development partner and has supported us extensively through the process of achieving our successful proof of concept,” noted Dr. Mauricio Arias, R&D Director and Senior Scientist. “We are entering the optimization stage of our test method development having achieved a consistent Limit of Detection (“LOD”) of 1,000 viral particles per milliliter of saliva. Based upon publicly available information for other antigen tests, our test method produces LOD results significantly below any antigen test approved by the United States Federal Drug Administration.   We are highly confident in nanoComposix’s proven optimization capabilities as we move to the commercialization stage of our pandemic defense platform.”

Limit of detection is the minimum amount of target microorganisms that can be reliably detected under optimal conditions and is an essential step in determining the sensitivity of any assay and reducing the false negative results.

“We are excited to be working with FluroTest as a partner in the development of their novel SARS-CoV2 test. Our partnership leverages our core competencies in the development of nanomaterials and lateral flow assay systems to create a unique platform to achieve extremely low limits of detection comparable to that of molecular based testing methods that have become the standard for COVID-19 detection. We are confident of the outcomes we can achieve,” stated Steve Oldenburg, CEO of nanoComposix.

By combining and leveraging the disciplines of robotics automation, biochemistry (antibody labeling and binding), fluorescence detection and cloud computing, FluroTest believes it is creating the first pandemic defense platform (the “Platform”) of its kind, achieving throughput rates of 3,000 tests per hour with results on the mobile device of the test taker in 5 minutes.

FluroTest believes its Platform can benefit organizations serving large, concentrated populations and bearing significant pandemic risk, forcing them to incur consequential business disruptions and closures. Examples include, but are not limited to: colleges and universities, hospitals & large healthcare complexes, athletic stadiums & large performance venues, corporate campus environments, large office buildings & complexes, shopping malls and centers, retail working warehouses, factories, food processing plants, airlines, as well as any public transportation hub such as subway entrances and airport terminals.

Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development 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. The Platform is currently pending FDA approval. In addition, FluroTest requires additional capital in the near-term to further the development and deployment of its testing device and will be seeking equity investors and is exploring strategic partnerships in connection with the same.

About FluroTech (TSXV: TEST) (OTCQB: FLURF)

FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples for specific applications. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprised of its CompleTest™ platform technology and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest^TM platform technology. To learn more, visit FluroTech.com

About FluroTest LLC

Unlike firms developing individual tests for the detection of SARS-CoV2, FluroTest is developing a complete system for surge-scale testing of viruses and other pathogens to be deployed in environments where significant numbers of people need to be tested rapidly and frequently. By combining and leveraging the disciplines of robotics automation, biochemistry (antibody labeling and binding), fluorescence detection and cloud computing, FluroTest believes it is creating the first pandemic defense platform of its kind.

FluroTest is seeking additional capital in the near-term and will also be exploring strategic partnerships with manufacturing and distribution companies to advance the deployment of the patent pending platform it is developing. To learn more, visit FluroTest.com

About nanoComposix  

nanoComposix (www.nanocomposix.com) has been providing customers with precisely engineered and highly characterized nanoparticles for more than 15 years, offering hundreds of different variants of material, size, shape, and surface functionalization as stock products. Their multidisciplinary technical teams provide rapid prototyping, characterization, integration, and scale-up solutions to accelerate R&D and commercialization for a wide variety of applications. nanoComposix is committed to helping its customers bring nanotechnology-enabled products to market and executes contract manufacturing on scales ranging from small beakers to thousands of liters. Nanomaterials for medical devices and clinical trials are fabricated in ISO13485 and cGMP compliant cleanroom facilities.

Contact Information

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.

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 prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the formation of FluroTest and the capital structure thereof, as well as accurately determining viral load, the ability to adapt the technology to allow for the detection of specific anti-SARS-CoV-2 human antibodies in a patient’s blood sample, and the speed and accuracy of such testing, the need for financing of FluroTest in the near term and the formation of strategic partnerships for the deployment and distribution of the technology. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, as well as the ability to adopt the CompleTest^TM technology as described herein in a timely manner and to obtain the financing 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” and the failure to adapt the CompleTest^TM technology as contemplated herein in a timely manner or at all, the risk that competitors will develop a similar or superior testing platform, the technology not having the anticipated testing benefits, the inability of FluroTest to obtain the necessary financing to achieve its purpose on satisfactory terms or at all, the failure to form strategic partnerships necessary to deploy and distribute the technology. 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.