Proactive article24 Mar 2021 08:33
Explains todays RNS in a nice simplistic way.
https://www.proactiveinvestors.co.uk/companies/news/944741/deepverge-inks-deal-with-microsaic-as-it-looks-to-roll-out-covid-breath-test-944741.html
DeepVerge inks deal with Microsaic as it looks to roll-out Covid breath test
Using DeepVerge’s newly-developed AI data analytics, the plan is to create a breathalyser that can immediately and accurately detect the SARS-CoV-2 virus, providing a point of care diagnostic
DeepVerge PLC (LON:DVRG) said it has inked a technical and commercial agreement that will see it use its Covid screening technology in miniaturised mass spectrometry equipment developed by Microsaic Systems PLC (LONMSYS).
Using DeepVerge’s newly-developed AI data analytics, the plan is to create a breathalyser that can immediately and accurately detect the SARS-CoV-2 virus, providing a point of care diagnostic.
The company’s biomarker binding agents are capable of detecting up to 40 diseases on the human breath, including cancer, neurodegenerative, respiratory and metabolic conditions.
So, it has the potential to “enable swift referral for serious conditions and at the same time reduce unnecessary doctor-to-hospital referrals and over-prescription of antibiotics”, investors were told.
Chief executive Gerard Brandon hailed the progress made getting the breakthrough device ready for market quickly.
“The collaboration, cooperation and teamwork across both companies over the last two months has been incredible,” he said.
“It has already contributed to cost reductions for both companies through complementary new hires, removing duplication, and brings an increase in revenue per client opportunity from new services from equipment that Microsaic already has approved for use.”
Under the terms of the three-year deal, DeepVerge will be a non-exclusive distributor for Microsaic products worldwide and will make a minimum target order of £100,000 a year.
It said it has already matched that annual figure with an order for mass spectrometry equipment.
DeepVerge also said it will allocate resources worth up to £150,000 to install a pilot facility at its laboratories in York.
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