Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF;
FRA:4NC) today announced that its wholly owned subsidiary,
Collection Sites, LLC will offer AditxtScore™ for COVID-19 through
its mobile testing centres. Aditx Therapeutics (Nasdaq: ADTX), is a
biotech innovation company focused on improving the health of the
immune system.
Collection Sites, LLC provides testing programs
to various organizations and customers in different industries,
including entertainment and education. As an AditxtScore™ Channel
Partner, Collection Sites, LLC will now offer its customers
AditxtScore™ for COVID-19 as an immune monitoring service.
Collection Sites, LLC can implement the test with current staff and
no additional investment. Specimens collected by Collection Sites
will be sent to and processed at Aditxt’s CLIA-certified
AditxtScore™ Centre.
“We welcome Collection Sites as an AditxtScore
Channel Partner and we look forward to working with their team to
expand the availability of AditxtScore for COVID-19 through their
mobile testing centres,” said Amro Albanna, co-Founder and CEO of
Aditxt.
“As the rollout of COVID-19 vaccines progress
across the United States, people are going to want to monitor their
immunity levels regularly,” added Medivolve CEO, Doug Sommerville.
“This will be one of the many ongoing services offered through our
future telehealth sites as immune responsiveness will be top of
mind for people for the foreseeable future. We are excited to be
able to bring this testing modality to our customers and believe it
will be a significant revenue contributor now and in the
future.”
Corporate Update Medivolve is
also pleased to provide a corporate update on certain of its
historical investments. Medivolve has amended its agreement with
Sunnybrook Research Institute (“Sunnybrook”) and Amino
Therapeutics, Inc. (“Amino”) and also terminated its agreement with
Sinai Health System (“Mount Sinai”). All three agreements were
initially entered into in early 2020 when the company was still an
investment issuer. These updates reduce future capital investment
in their respective research programs, allowing the company to
focus solely on its current telehealth strategy. Further, Medivolve
has divested its interest in Athletics & Health Solutions and
Eco Capital Growth Corp. for nominal consideration as these
entities no longer fit with the company’s business strategy.
“While we believe researchers at Mount Sinai,
Sunnybrook and Amino are performing valuable work, at this time
management has determined it is more advantageous for the Company
to focus on its telehealth strategy,” commented Doug Sommerville,
Medivolve CEO. “By reducing the future capital investments required
by these agreements, we can more efficiently deploy our capital to
grow Medivolve’s telehealth and diagnostics business.”
Specifically, Medivolve has terminated the Mount
Sinai agreement, relinquishing its rights to the Royalty and Option
on any commercial IP developed as part of the agreement. This
termination eliminates $375,000 of aggregate research investment
that would be owed to Mount Sinai. Further, Medivolve has amended
its Sunnybrook agreement to reduce its royalty interest in half in
exchange for a 50% reduction in the consideration payable to
Sunnybrook. Medivolve also amended its share purchase agreement
with Amino to reduce the company’s equity ownership interest in
Amino to 10% in exchange for a release of all outstanding payments
still owing to Amino.
About Medivolve Inc. Medivolve
Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive
technologies, ground-breaking innovations, and exclusive
partnerships to help combat COVID-19 and generate remarkable
risk-adjusted returns for investors. Specifically,
Medivolve offers investors a diversified investment in the COVID-19
medical space across three areas; prevention, detection, and
treatment.
Medivolve has a team of renowned global medical
and business advisors that have developed a proprietary business
strategy to capitalize on high-margin opportunities in the
COVID-19 space. This panel includes prominent immunologist Dr.
Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of
experience in orthopaedic treatment, foot and ankle care, and
sports medicine.
Medivolve’s primary focus is to provide
convenient and assessable medical services for testing of the
COVID-19 virus to help combat the pandemic. This is achieved
largely through two acquisitions: 100% of Collection Sites, LLC and
28% of Colombian Sanaty IPS. Collection Sites is setting up a
series of COVID-19 testing sites across the United States with
appointments and payments will be handled through the online
portal www.testbeforeyougo.com. Sanaty is
setting up a series of full-service medical clinics offering a
complete COVID-19 testing solution.
About Aditx Therapeutics Aditxt
is developing technologies specifically focused on improving the
health of the immune system through immune monitoring and
reprogramming. The immune monitoring technology is designed to
provide a personalized comprehensive profile of the immune system.
The immune reprogramming technology is currently at the
pre-clinical stage and is designed to retrain the immune system to
induce tolerance with an objective of addressing rejection of
transplanted organs, autoimmune diseases, and allergies. For more
information, please visit: www.aditxt.com
For additional information, please contact:
Doug Sommerville,
CEODoug.Sommerville@medivolve.ca
For investing inquiries please contact:
info@medivolve.ca
For US media enquires please contact: Veronica
Welchveronica@vewprmedia.com
Aditx Therapeutics Media
Contact
Public Relations Kevin Harrington 5W Public
Relationsaditxt@5wpr.com
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 distribution agreement
with Aditxt Therapeutics Inc.; the proposed roll-out of Aditxt
tests; the Company’s expectations for the demand for such tests;
projected timelines for testing results; projected revenues from
the testing; the pursuit by Medivolve of opportunities; and the
merits or potential returns of any such opportunities. 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 NEO STOCK EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Aditxt (NASDAQ:ADTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aditxt (NASDAQ:ADTX)
Historical Stock Chart
From Apr 2023 to Apr 2024