TORONTO, April 01, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) today announced that its wholly owned subsidiary, Collection Sites, LLC will offer AditxtScore™ for COVID-19 through its mobile testing centres. Aditx Therapeutics (Nasdaq: ADTX), is a biotech innovation company focused on improving the health of the immune system.
Collection Sites, LLC provides testing programs to various organizations and customers in different industries, including entertainment and education. As an AditxtScore™ Channel Partner, Collection Sites, LLC will now offer its customers AditxtScore™ for COVID-19 as an immune monitoring service. Collection Sites, LLC can implement the test with current staff and no additional investment. Specimens collected by Collection Sites will be sent to and processed at Aditxt’s CLIA-certified AditxtScore™ Centre.
“We welcome Collection Sites as an AditxtScore Channel Partner and we look forward to working with their team to expand the availability of AditxtScore for COVID-19 through their mobile testing centres,” said Amro Albanna, co-Founder and CEO of Aditxt.
“As the rollout of COVID-19 vaccines progress across the United States, people are going to want to monitor their immunity levels regularly,” added Medivolve CEO, Doug Sommerville. “This will be one of the many ongoing services offered through our future telehealth sites as immune responsiveness will be top of mind for people for the foreseeable future. We are excited to be able to bring this testing modality to our customers and believe it will be a significant revenue contributor now and in the future.”
Corporate Update
Medivolve is also pleased to provide a corporate update on certain of its historical investments. Medivolve has amended its agreement with Sunnybrook Research Institute (“Sunnybrook”) and Amino Therapeutics, Inc. (“Amino”) and also terminated its agreement with Sinai Health System (“Mount Sinai”). All three agreements were initially entered into in early 2020 when the company was still an investment issuer. These updates reduce future capital investment in their respective research programs, allowing the company to focus solely on its current telehealth strategy. Further, Medivolve has divested its interest in Athletics & Health Solutions and Eco Capital Growth Corp. for nominal consideration as these entities no longer fit with the company’s business strategy.
“While we believe researchers at Mount Sinai, Sunnybrook and Amino are performing valuable work, at this time management has determined it is more advantageous for the Company to focus on its telehealth strategy,” commented Doug Sommerville, Medivolve CEO. “By reducing the future capital investments required by these agreements, we can more efficiently deploy our capital to grow Medivolve’s telehealth and diagnostics business.”
Specifically, Medivolve has terminated the Mount Sinai agreement, relinquishing its rights to the Royalty and Option on any commercial IP developed as part of the agreement. This termination eliminates $375,000 of aggregate research investment that would be owed to Mount Sinai. Further, Medivolve has amended its Sunnybrook agreement to reduce its royalty interest in half in exchange for a 50% reduction in the consideration payable to Sunnybrook. Medivolve also amended its share purchase agreement with Amino to reduce the company’s equity ownership interest in Amino to 10% in exchange for a release of all outstanding payments still owing to Amino.
About Medivolve Inc.
Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.
Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.
Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.
About Aditx Therapeutics
Aditxt is developing technologies specifically focused on improving the health of the immune system through immune monitoring and reprogramming. The immune monitoring technology is designed to provide a personalized comprehensive profile of the immune system. The immune reprogramming technology is currently at the pre-clinical stage and is designed to retrain the immune system to induce tolerance with an objective of addressing rejection of transplanted organs, autoimmune diseases, and allergies. For more information, please visit: www.aditxt.com
For additional information, please contact:
Doug Sommerville, CEO
Doug.Sommerville@medivolve.ca
For investing inquiries please contact:
info@medivolve.ca
For US media enquires please contact:
Veronica Welch
veronica@vewprmedia.com
Aditx Therapeutics Media Contact
Public Relations
Kevin Harrington
5W Public Relations
aditxt@5wpr.com
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the distribution agreement with Aditxt Therapeutics Inc.; the proposed roll-out of Aditxt tests; the Company’s expectations for the demand for such tests; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of opportunities; and the merits or potential returns of any such opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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