Avalon GloboCare Corp. (AVCO) signed a collaboration deal with Cellex, Inc. Avalon is a leading developer of cell-based therapeutics and technologies of clinical level. It joined hands with North Carolina-based Cellex for commercialization of rapid test kit for COVID-19. The kit has been granted with Emergency Use Authorization (EUA) by U.S. FDA.
As part of agreement, Avalon will have distribution rights to market that kit. Company is also in collaboration with Cellex to develop advanced COVID-19 detection kits and to source production plants.
Avalon will start distributing and marketing of Cellex’s COVID-19 antibody-based testing kits to its selected channel of partners and distributors across the country and around the world as well. The SARS-CoV-2 is the main element which causes COVID-19 in plasma and serum. The kit can not only detect IgG and IgM antibodies specific to that element but can also detect whole blood in 15 minutes. Those U.S. FDA EUA registered rapid test kits have shown high accuracy and ability of detection.
The wide and rapid spread of COVID-19 affected almost every part of the world. This drive the demand of SARS-CoV-2 testing and especially that of rapid antibody testing, stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon.
The market of COVID-19 rapid test kits is likely to be reaching $3.52 billion globally by end of this year. Avalon is expecting getting benefit of its network of strategic distributors and affiliates spread in every region of the world. This will help company to quickly commercialize this unique COVID-19 antibody-based rapid test kit.
Simultaneously, the company will continue efforts to other advance technologies to combat the pandemic. Those efforts include programs like development of S-layer mucosal vaccine and also therapeutic and blood filtration system namely AVA-Trap for cytokine storm, Jin said.
As announced the company, it’s President and CEO is to participate on a virtual panel today. He will speak on “New Approaches to COVID-19: Hidden Breakthroughs.”