Victory Square Health, a subsidiary of Victory Square Technologies (VST.C), signed into an agreement to purchase a certified laboratory and production facility in Minas Gerais, Brazil yesterday.
The laboratory will allow Victory Square to increase lab testing and production of four million testing units per month for Safetest following the regulatory nod from ANVISA, the Brazilian health authority. The company has already gotten approvals from AVISA to sell and distribute its Elisa COVID-19 tests.
“This laboratory and manufacturing facility will ease our pain points by enabling our scientists and manufacturing teams to have an additional home base for the testing, manufacturing and distribution of our products including Leishmaniasis, Hansen’s disease, chagas, cancer and other proprietary tests that are currently in production and in our pipeline for all of South America and beyond,” said Felipe Peixoto, chief executive officer of Victory Square Health.
The new facility comes previously used with certifications for and by Bioaptus Brazil, which allow the company to ramp up research and increases its Brazillian production volume by another four million units per month, while adding equipment upgrades costing roughly $300,000 by year end.
The acquisition will allow allow the company to reduce their costs in manufacturing and production by 60%.. The company has started buying additional testing and manufacturing equipment to expedite manufacturing approvals from ANVISA authorities in Brazil, so they can boost production in the country by another 80% and cap out their monthly production at 9 million units by year-end, including the 5 million they announced in early September.
Founded in 2016, VS Health’s raison d’etre was the development of personalized medicine and tech nology solutions, including tests in support of patent’s care and the improvement of health outcomes. Its first product was the Leishmaniasis rapid test, and developed as a partnership with the Federal University of Minas Gerais.