Israel-based in vitro diagnostics company Todos Medical has entered an implementation and equipment financing partnership with Israeli-Hong Kong genomic R&D company AID Genomics to scale up its Covid-19 PCR testing capabilities.
As part of the agreement, AID Genomics will fund the purchase of the necessary equipment to enable Todos’ clients to meet their capacity requirements. It will also help Todos to implement best practices to scale up and optimize sample accessioning and data reporting software.
AID has sent key staff from Israel to the US to help Todos in its ongoing US implementation projects. AID Genomics will also participate in the net profit of each contract and will also assist Todos with validating and commercializing its proprietary tests in Israel.
AID Genomics CEO Snir Zano said: "We have developed a proven, scalable solution that can now be implemented via Todos Medical in the US. Now that Todos has reached the level of scale with its clients, which justifies a formal relationship, we believe that we can leverage this partnership through Todos’ sales channels and drive significant uptake of our integration solutions and dramatically increase PCR testing capacity for the US."
AID Genomics specializes in the development of precision medicine for cancers and infectious diseases. The company recently signed a contract with the Ministry of Health in Israel to build and scale-up six HMO laboratories in Israel.
Published by Globes, Israel business news - en.globes.co.il - on October 7, 2020
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