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Todos Medical expands contract with Wisconsin lab to ramp up to 12,000 COVID-19 tests a day

Todos said the contract translates into a total value of $47.5 million in reagent sales by the company over the next seven months

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Todos has also been granted a priority right to supply up to 100,000 COVID PCR tests per day in the event the lab sees significant additional testing demand

Todos Medical Ltd (OTCQB:TOMDF) announced Tuesday that it has rapidly expanded its agreement with a Wisconsin-based laboratory to supply it with the necessary COVID-19 testing equipment and supplies to ramp up tests to 12,000 a day.

Moreover, Todos said the contract translates into a total value of $47.5 million in reagent sales by the company over the next seven months.

Todos said it will be supplying automated extraction machines, liquid handlers and PCR machines. The company has also been granted a priority right to supply the lab with up to 100,000 COVID PCR tests per day in the event the laboratory sees significant additional testing demand.

READ: Todos Medical to supply New York lab with COVID-19 PCR testing equipment and supplies

“As we are now midway into the implementation phase with this client, we are seeing how increasing their testing capacity is being met with the pent up demand for PCR testing services from this client, especially from skilled nursing facilities,” said Todos CEO Gerald Commissiong in a statement.

“There is tremendous nationwide demand for COVID-19 testing services and solutions in skilled nursing facilities. As we begin to make in-roads in developing this sales channel for our COVID test, we expect that we will be able to tailor programs using combinations of testing that allow for screening and diagnosis. We expect nursing homes and skilled nursing facilities to play a major part of our COVID-19 testing strategy. Additionally, we believe this will pave the way for the deployment of our immune-based Alzheimer’s blood diagnostic LymPro Test.”

Headquartered in Rehovot, Israel, Todos also develops diagnostic solutions to screen for a variety of cancers and neurodegenerative disorders.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Todos Medical Ltd.

Price: 0.093 USD

OTCQB:TOMDF
Market: OTCQB
Market Cap: $18.77 m
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