Todos Medical signs equipment financing deal with AID Genomics

28 September 2020 (Last Updated September 28th, 2020 11:27)

Israel-based in vitro diagnostics company Todos Medical has entered an implementation and equipment financing partnership with a multi-national genomic R&D company AID Genomics to scale up its Covid-19 PCR testing capabilities.

Todos Medical signs equipment financing deal with AID Genomics
AID Genomics will fund the purchase of the necessary equipment to enable Todos’ clients to meet their capacity requirements for Covid-19 testing. Credit: Fernando Zhiminaicela / Pixabay.

Israel-based in vitro diagnostics company Todos Medical has entered an implementation and equipment financing partnership with a multi-national 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 optimise 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.

Additionally, AID Genomics will participate in the net profit of each contract. It will also assist Todos with validating and commercialising its proprietary tests in Israel.

AID Genomics CEO Snir Zano said: “We are excited to enter the US market in partnership with Todos Medical.

“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 that 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 specialises 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.

In addition, the company entered a partnership with Tecan Group for delivery of liquid handler machines worldwide.

Todos Medical president and CEO Gerald Commissiong said: “We are very pleased to formally enter into this partnership with AID Genomics that gives us access to proven implementation know-how and stable access to key automation technology that will allow our clients to reach their desired testing capacity.

“We now intend to aggressively pursue new laboratory equipment and reagent supply agreements with access to non-dilutive funding that the AID Genomics relationship brings us so that we can meet the significant testing needs emerging in the US.”

Last month, Todos Medical announced the commercial launch of its TODOS 2019-nCoV RT-qPCR Detection Kit in the US.

In July, the company expanded the agreement with 3D Medicines for Covid-19 testing products.