Global Care Capital Inc., portfolio company ViraxClear can now distribute the COVID-19 Rapid Antibody Test Kits to the Chilean market. Global Care Capital Inc., announced that ViraxClear, via its joint venture Shanghai Biotechnology Devices Ltd. has achieved the approval for the distribution of COVID-19 Rapid Antibody Test Kits on July 3rd, 2020 from the Chilean institute named El Instituto de Salud Pública de Chile.
ViraxClear signed a non-binding LOI contract with Biosonda Biotecnologia to distribute 3 million Test Kits to be distributed in Chilean market. The contract comprises of up to $17.25 million in gross revenue. ViraxClear COVID-19 Rapid Antibody Test Kits are supplied by its two manufacturing partners, Innovita Biological Technology Co., Ltd and Vazyme Biotech Co., Ltd.
Distribution Contract for Test Kits in Chile
ViraxClear received the orders for trials and market testing for Test Kits for the Chilean market and manufacturing will be commenced within the next 60 days. The LOI contract allows a 60-day exclusivity period during which ViraxClear and Biosonda will sign a definitive agreement with a total contract value of up to $17.25 million.
Biosonda which is in agreement with ViraxClear, is a biotechnology company founded by leading scientists. The Chilean government limits the medical testing devices to get ISP Approval before they making them available to Chilean people. Chilean authority has now included Both Innovita and Vazyme, ViraxClear suppliers in ISP Approved factories list, now ViraxClear tests to be imported and sold nationally.