Primo Nutraceuticals’ (PRMO.C) latest memorandum of understanding (MOU) with Neo-Nostics (Suzhou) Bioengineering of Suzhou city, China, includes getting the rights to apply for licensing and the marketing and sales of a rapid test kit in Canada.
When Neo-Nostics gets product license and approval by Health Canada it will grant Primo with teh official dealer and distributor status in Canada. The MOU has been went live earlier this month.
“Penetrating the Canadian market with our advanced and highly effective test kit will be a great milestone for our company as well as for the fight against the COVID-19 virus. We are pleased to be partnering with Primo Nutraceuticals and their team,” said Joey Zhou, CEO of Neo-Nostics Bio-Engineering.
The rapid testing kit is already registered with the U.S. Food and Drug Administration, and the company intends to submit their application to Health Canada immediately. Neo-Nostics has made a commitment to supporting Primo’s efforts towards getting and keeping all the necessary certifications and approvals to sell and market the test kits in Canada by granted complete access to all the necessary documentation and clinical trial information regarding the kits.
Advantages of the colloidal gold method:
- Quick — results in 10 minutes;
- Simple — the detection results can be determined by the naked eye;
- Sampling — only fingertip blood or venous blood is required for detection;
- It is suitable for clinical auxiliary diagnosis.
The kits have been in use as clinical auxiliary diagnosis by professionals in China since February in the areas hardest hit by COVID-19. The kit has been verified by several professionals, hospitals and universities and the reports used as reference. It’s also in use in Iran, Italy, the United States and other red zones.
“We are looking forward to working with Neo-Nostics to provide a premium quality product. We anticipate the relationship to grow and look forward to updating our shareholders with our future milestones.” It is important to note that receiving the MDEL licence from Health Canada has opened up a plethora of opportunities like this one, which will result in revenue in the immediate short term for Primo and its shareholders,” said Richard Cindric, CEO of Primo.
The market for COVID-19 detection kits is projected to hit USD$4.63 billion b 2027, according to a new report by Grand View Research.