ViraxClear has received an initial cash deposit for their Test Kits for the Chilean market with a contract signed with Biosonda as their exclusive Chilean distribution partner worth up to $3.5m in the first year
ViraxClear signs exclusive distribution agreement for ViraxClear rapid test kits to Chile. (Credit: ViraxClear)
Global Care Capital Inc, a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ViraxClear, through its joint venture, Shanghai Biotechnology Devices Ltd. (“SBD”) has signed an exclusive distribution Agreement , on October 28th, 2020 with Biosonda Technologia (“Biosonda”) for the distribution of Rapid Antibody Test Kits (“Test Kits”) for the Chile market.
An initial deposit has been made in the total sum of US$ 3.5 million in the first year alone for the distribution of up to 1 million test kits for Chile.
James Foster, CEO of ViraxClear, stated “This exclusive distribution agreement represents a huge opportunity for ViraxClear and our wider ambitions for South America. Chile has been hit hard by COVID-19 and has a high demand for antibody test kits as well as PPE and other products, which facilitate a safe return to work and normal life. Our ViraxCare PPE brand is also strategically positioned to offer these products, including masks, gloves, infrared thermometers, pulse oximeters, sanitising sprays and UV technology. This Contract for Chile is one of the regions we are partnering with for the South American market, with announcements for Guatemala and others to follow.”
Exclusive Distribution Contract for Test Kits in Chile worth up to US $3.5 million
ViraxClear has received an initial cash deposit for their Test Kits for the Chilean market with a contract signed with Biosonda as their exclusive Chilean distribution partner worth up to US $3.5 million in the first year.
Biosonda is a biotechnology company founded in Chile in 1992 by leading scientists. It is currently one of the main distribution companies of products for scientific research and clinical diagnosis in Chile, with a recognizable corporate image in the national market. Biosonda work with some of the top global brands in the clinical and diagnostic industries and handle everything from marketing, import, logistics, research and development and sales.
The Biosonda commercial department is made up of a sales force with a high degree of specialization and extensive experience in the market made up of experts in Molecular Biology and Immunology. They offer a technical service laboratory for equipment maintenance, repair and training, a personalized after-sales service, and a commercial-logistics team that manages the tasks of quotation, import, logistics, inventory, orders and dispatch to provide an optimum service.
The Chilean government require medical testing devices to receive ISP Approval before they can be sold in Chile. Vazyme Biotechnology, ViraxClear partners, are on the list of ISP Approved factories, allowing ViraxClear tests to be imported and sold nationally.
Vazyme Biotech is a highly reputable producer of enzymes and antibodies with products covering clinical diagnosis, molecular diagnostics, high-throughput sequencing and life science research, as well as RNA sequencing. Vazyme Biotech owns a dedicated 8000 m2 R&D site and have established the Biotechnology Industry Research Institute, which is comprised of a team of nearly 100 scientists.
The Test Kits are intended for the qualitative detection of IgG and IgM antibodies against 2019 Novel Coronavirus, produced by the immune system after virus infection. IgM is the earliest antibody that appears upon the first immune response, with detection indicating an early stage infection. IgG is produced later and lasts a long time in the body, indicating a prior infection. The combination of the two markers offers an insight into what stage the virus is has reached.
Source: Company Press Release