Calgary, Alberta, March 1, 2021 – FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), a leading developer of spectroscopy-based technology, together with joint venture partner FluroTest, LLC (“FluroTest”), a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, today announced that visionary inventor and Hudson Robotics Founder and President Phil Farrelly has joined FluroTech’s advisory board.
Mr. Farrelly is a noted life sciences and lab automation authority and innovator. He founded Hudson Robotics in 1983, establishing the company as a market leader in microplate automation, laboratory robotics, liquid handling and customized software-driven laboratory automation solutions for life sciences research. The company develops specialized tools used in areas such as drug discovery, clinical research and pharmaceutical development, including high throughput screening, proteomics and genomics. A strategic partnership with FluroTest was announced November 20, 2020 and, most recently, pre-production development of three functioning pandemic defense platform systems were announced on February 19, 2021.
“I’ve dedicated much of my adult life to advancing the science of automation, and in the wake of one of the worst global economic downturns in recent history, I believe manufacturing technologies that increase throughput, productivity, accuracy and safety have never been more important,” said Farrelly. “The FluroTest Pandemic Defense System is a seriously innovative way to approach a problem that will be with us for years to come. I am excited to support their efforts as an advisor.”
“Hudson Robotics is well recognized as a leading innovator and we are fortunate to be working closely with such a great partner. I’m beyond thrilled to have a robotics automation icon like Phil Farrelly personally interested and actively involved in our testing platform,” said Bill Phelan, CEO of FluroTest. “Phil is a proven expert, and his expertise and insight will be invaluable as we move toward commercial availability.”
FluroTest’s system is designed to be portable and to facilitate point-of-service, rapid testing of individuals with high-speed, high throughput functionality. Target industries include 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.
“We need rapid results delivery, not more rapid test talk,” added Danny Dalla-Longa, CEO of FluroTech. “Our automated testing system is designed to cater to the masses and deliver test results in minutes. We’re now seeing some stadiums doubling up as vaccination sites, and I believe it’s only a matter of time before automated rapid testing applications follow suit. With Phil Farrelly and Hudson Robotics as additions to the team, we’re one big step closer to our goal of processing thousands of tests per hour while delivering digitally verifiable results to a test taker’s mobile phone within minutes.”
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; 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 in the process of applying for EUA approval from the FDA and for an Interim Order Authorization from Health Canada.
As announced February 3, 2021 FluroTech has accelerated the financial, regulatory and legal due diligence to complete the transaction with FluroTest shareholders to obtain 95% of the interest in FluroTest. This amalgamation is subject to TSXV conditions and approvals. FluroTech is working to ensure this process is carried out in the most efficient manner possible and will update the market as appropriate.
The goal of FluroTech’s research and technology is to develop detection methods which are 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, 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. FluroTech’s laboratory is led by Dr. Elmar Prenner, the original developer of the technology. Dr. Prenner serves as senior science advisor of FluroTech and brings over 28 years of expertise in fluorescence spectroscopy. To learn more, visit FluroTech.com
About FluroTest LLC
FluroTest, a first-mover 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, 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
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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 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 Systems Ltd which owns a 95% 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 Systems Ltd which owns a 95% interest in FluorTest 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.
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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.