CNBC just released an article titled, “Abbott Labs rolls out its BinaxNOW rapid Covid-19 test to schools and workplaces nationwide”.
Abbott Labs (NYSE: ABT) announced Tuesday that it is making its BinaxNOW Covid-19 rapid antigen test available to schools, universities, pharmacies and workplaces that require frequent and affordable testing. The company, that has been testing its U.S. employees weekly since October, is also sharing its testing blueprint with customers interested in learning the model it has used to get its workforce back to its facilities.
To date at least 374,442 Americans have died from the coronavirus since the health crisis began and the nation is recording at least 244,300 new Covid-19 cases daily, based on a seven-day average calculated by CNBC using Johns Hopkins University data.
Rapid COVID-19 testing could be a game-changer in the weeks and months ahead. Vaccine rollout in the U.S. has been slow. The fight to control the spread of the virus is expected to intensify as new infectious variants of the disease pop up in the U.S.
Another solid player in the COVID-19 test kit market is Avalon GloboCare (NASDAQ: AVCO) who recently partnered with Adial Pharmaceuticals (NASDAQ: ADIL) announcing a Strategic Collaboration for Global Distribution of COVID-19 Point-of-Care Antibody Rapid Test Devices.
Adial has granted Avalon non-exclusive, sub-distribution rights worldwide. As a result of the FDA’s EUA, fingerstick blood samples can now be utilized with the FaStep COVID-19 IgG/IgM Rapid Test Device for the test in POC settings, including doctors’ offices, hospitals, urgent care centers, emergency rooms, or other locations where there is a licensed healthcare professional. The FaStep COVID-19 IgG/IgM Rapid Test Devices are lateral flow assay, 10-minute, ‘instant,’ POC test devices for the qualitative detection of lgG and lgM antibodies specific to SARS-CoV-2 virus in fingerstick whole blood, venous whole blood, serum, and plasma. During testing, the specimen reacts with antigen coated particles in the test cassette after droplets of blood from the subject are placed on the cassette’s coated membrane.
“We believe there is significant market potential for these differentiated test kits, as these tests are able to detect IgG antibodies at a 98.6% accuracy and IgM antibodies at a 92.9% accuracy and provide results within 10-minutes,” said David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon. “Our goal is to leverage our international distribution network and channel partners to bring the product to market globally.”
Avalon GloboCare Corp. (NASDAQ: AVCO) is a clinical-stage, vertically integrated, leading CellTech bio-developer dedicated to advancing and empowering innovative, transformative immune effector cell therapy, exosome technology, as well as COVID-19 related diagnostics and therapeutics. Avalon also provides strategic advisory and outsourcing services to facilitate and enhance its clients’ growth and development, as well as competitiveness in healthcare and CellTech industry markets. Through its subsidiary structure with unique integration of verticals from innovative R&D to automated bioproduction and accelerated clinical development, Avalon is establishing a leading role in the fields of cellular immunotherapy (including CAR-T/NK), exosome technology (ACTEX™), and regenerative therapeutics.
In the December 2020 issue of Nature’s Biopharma Dealmakers, Avalon’s President and CEO, David Jin, M.D., Ph.D., highlighted Avalon’s ongoing scientific and clinical developments including a first-in-human trial of a mucosal, intranasal vaccine against SARS-CoV-2 that is planned for early 2021. Dr. Jin also described the company’s innovative, allogeneic mesenchymal stromal cell (MSC) therapy candidate, CB-MSC-1, which possess unique anti-inflammatory and immunomodulatory activities, as well as AVA-001, Avalon’s third-generation CAR T cell therapy that has shown robust activity in patients with relapsed, refractory B cell acute lymphoblastic leukemia in a Phase 1 trial (Avalon feature in Biopharma Dealmakers).
“We are excited and motivated to join forces with the researchers at BOKU to drive innovation. We have already begun a collaboration on the mucosal SARS-CoV-2 vaccine and are moving quickly to establish additional joint research endeavors to bring about innovative technologies and new medicines to patients,” said Dr. Jin.
Avalon GloboCare, is a young, $100 million market cap company that has arguably some of the brightest minds in cell-based technology with lots of shots on goal when it comes to battling the COVID-19 pandemic including an FDA EUA approved rapid test kit, an intranasal vaccine, and a blood filtration system that is used to fight the cytokine storm in not only COVID-19 but certain cancers as well.
Avalon has a competitive advantage with their “S-Layer” technology in a vaccine market that is expected to grow to approximately 93.billion by 2026 according to Forbes business . This small cap biotechnology company is working towards the goal of changing the way we fight the devastating affects of diseases that relentlessly attack our immune systems by using our own bodies against us. In the first quarter of 2020, Avalon GloboCare successfully completed a phase 1 first-in-human clinical study of AVA-001 in China for the treatment of relapsed refractory B cell acute lymphoblastic leukemia (R/R B-ALL). 90% of R/R B-ALL patients achieved complete remission with one dose and within one month of treatment, and then proceeded to a curative-intent allogeneic bone marrow transplant. With more upcoming catalysts in Q4 2020 and early 2021, it is safe to say that there is a large potential upside in AVCO’s stock that currently trades at only $1.17. The company has been well capitalized to date and has very clean cap table relative to its industry peers making it an attractive investment.
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