TORONTO, May 06, 2020 — QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA:34C1) is pleased to announce the first commercial sales agreement received for antibody tests by commercial partner and distributor MTJR. QuestCap and MTJR have agreed to supply 500,000 PCL COVID-19 IgG/IgM Antibody tests to BioCorp Clinical Laboratory (“BioCorp”), a high-complexity laboratory based in California. The partnership will provide 50,000 tests per week for 10 weeks with an option to extend. As part of the profit-sharing agreement with MTJR, QuestCap will receive 40% of the proceeds. QuestCap has completed due diligence on PCL’s production capacity and is satisfied they will be able to supply the quality and quantity of tests required.
“We are very pleased that a highly regarded laboratory like BioCorp has chosen our antibody tests,” said Doug Sommerville, CEO of QuestCap. “We see this as a validation of the quality of the PCL tests. The weekly shipments of 50,000 tests to BioCorp is only a portion of the available PCL production capacity. MTJR and QuestCap stand ready to supply the strong demand in the North American market for clinically supported serological tests.”
“We’ve been seeking a high-quality ISO certified and EU/CE marked antibody test for SARS-CoV-2 virus by an FDA registered supplier that is able to deliver these tests in the volume that we require,” said Zara Badalian, President, BioCorp Clinical. “It is critical to ensure that we have a consistent, reliable source of high-quality tests, and the tests offered by QuestCap/MTJR performed exceptionally well in clinical testing.”
About the COVID-19 Antibody Test Kits
As announced on April 7, 2020, QuestCap has entered into a profit-sharing agreement (the “Profit Sharing Agreement”) with MTJR Inc. (“MTJR”), subject to the receipt of a U.S. FDA Emergency Use Authorization, for MTJR to exclusively distribute, market and sell the COVID-19 Antibody Tests for distribution in North America and also to sell in South America. QuestCap will help finance the purchase of such antibody tests, with QuestCap receiving 40 per cent of any profits earned from the sale of the tests. Any purchase of the test kits within Canada is conditional on prior receipt of Health Canada approval for emergency use under the Interim Order.
Serology testing for SARS-CoV-2 is in high demand in order to better quantify the number of cases of COVID-19, including those people that may be asymptomatic or have recovered.
The PCL COVID-19 IgG/IgM Rapid Gold Antibody Tests are rapid, qualitative, serological assays. The test requires only a few drops of blood and provides results in 10-15 minutes. The PCL COVID-19 IgG/IgM Rapid Gold Antibody Tests have been performed on over 1000 samples in South Korean clinical trials. The tests have been authorized for use in Australia, Europe, Greece, Bhutan, and India.
COVID-19 Antibody Test Highlights:
- Use of the Test is limited to laboratories certified under the U.S. Federal Clinical Laboratory Improvement Amendments of 1988 (CLIA) to perform high complexity tests
- Testing Kit includes test and reagent and droppers for such labs to conduct tests
- Rapid results in 10-15 minutes from a small (<1mL) user blood sample
- Distribution in U.S. subject to issuance of U.S. FDA Emergency Use Authorization
COVID-19 Antibody Test Disclaimers:
- This test has not been reviewed by the FDA under the Emergency Notification.
- Negative results do not rule out SARS-CoV-2 infection, particularly in those who have been in contact with the virus. Follow-up testing with a molecular diagnostic should be considered to rule out infection in these individuals.
- Results from antibody testing should not be used as the sole basis to diagnose or exclude SARS-CoV-2 infection or to inform infection status.
- Positive results may be due to past or present infection with non-SARS-CoV-2 coronavirus strains, such as coronavirus HKU1, NL63, OC43, or 229E.
- Not for the screening of donated blood.
- In the early stages of infection, low levels of antibody expression can produce negative results.
- This product can only qualitatively detect antibodies in human serum, plasma and whole blood samples, and cannot determine the quantity of specific antibodies in the samples.
About QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. Through QuestCap’s three divisions, MedQuest, TechQuest and ClimateQuest, it seeks, secures and funds recognised sciences, technologies, and solutions that impact our global community today.
The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent immunologist Dr. Lawrence Steinman, and Dr. Glenn Copeland, team physician to the CFL’s Ottawa Redbacks and MLB’s Toronto Blue Jays and consultant to MLB’s Atlanta Braves.
Recent MedQuest investments include: $1M into Sunnybrook Hospital’s Research Group for Emerging and Respiratory Viruses, $0.5M into Sinai Health Foundation’s research in COVID-19 diagnostic testing, Amino Therapeutics’ research in COVID-19 treatments, the purchase of 1M COVID-19 antibody testing kits for distribution in the Americas, and the development of the Standard for Safe Sport, a new standard for the mitigation of COVID-19 in professional sports, initially launching with the Colombian Professional Soccer League.
QuestCap provides financing for a diverse range of entities in exchange for pre-determined royalties or distributions, or acquires all or part of one or more businesses, portfolios or other assets. QuestCap strives to maximize shareholder value while limiting downside risk.
For additional information, please contact:
G Scott Moore, Chairman
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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 sale of test kits; the details and efficacy of the COVID-19 tests; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.