Complements SGB’s recent announcement of its strategic drive into medical ‘pop up’ clinics and testing centers using its custom modular solutions
SG Blocks, a leading designer, innovator and fabricator of container-based structures, and OSANG Healthcare, a South Korea based global manufacturer and distributor of medical-grade diagnostic tests and equipment, announced today the signing of a one year, non-exclusive distributorship agreement for the United States, for OHC’s “GeneFinder COVID-19 Plus RealAmp Kit” – a simple SARS-CoV-2 test for COVID-19, now available in the United States under the FDA’s Emergency Use Authorization (EUA).
OHC’s “GeneFinder COVID-19 Plus RealAmp Kit” test is designed to detect SARS-CoV-2 (Severe Acute Respiratory Syndrome-Coronavirus 2), the virus that causes COVID-19, through a gene-based reverse transcription reaction and real-time polymerase chain reaction (PCR) testing process that can provide up to 100 tests results in just over two hours, making them ideally suited to emergency, pop- up and point of care situations.
SG Blocks will have sales, marketing and distribution rights to OHC’s product in the United States and plans to leverage its customer base and relationships with federal government and state-level customers in particular who are only beginning to roll-out widespread SARS-CoV-2 testing centers.
Paul Galvin, CEO of SG Blocks commented, “We believe that this agreement will enable SG Blocks to create turnkey testing facilities at hospitals and other authorized point of care medical locations throughout the USA, including buildings that SG Blocks plans to provide to customers using our modular construction expertise. OHC’s SARS-CoV-2 test was used by leading emergency services and front-line hospitals during the height of the COVID-19 epidemic in Europe and is now finding favor and rapid acceptance in the USA Its ease-of-use, accuracy and ability to work on low-cost point-of-care analyzers should make it ideally suited to our portable module solutions. As we strive to return to normal life, it is critical to free up hospitals to perform normal duties again. We believe that our units, once developed, can help provide safe, isolated SARS-CoV-2 testing and ‘lab-in-a-box’ solutions for these service providers.“
Dong-Hyun Lee, Chairman & Chief Executive Officer of OSANG Healthcare Co., Ltd. stated, “We view SG Blocks as an ideal partner to broaden distribution of our advanced tests and expand our ability to directly address this global pandemic in the USA. Our pipeline is substantial, and SG Blocks has the ability to address logistical challenges utilizing their modular construction expertise.”
In connection with the entry into the distributorship agreement, subject to conditions the Company granted an affiliate of OHC the right to elect to participate, at its sole and exclusive option, in up to 19.9% of any stock offering by the Company during the next six months.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as an advisor to SG Blocks.
Source: Company Press Release