Update
NanoLogix Sub 1-Hour Covid-19 Detection Test Further Developments
NanoLogix Begins Collaborative Efforts With Diagnostic Company and an Independent Laboratory
NanoLogix announces it has begun working with two entities to refine and further develop its patent-pending Rapid Viral Assay for COVID19 and other viruses. One is a West Coast diagnostic company and the other a long-established independent Houston laboratory.
The overall intent of this work is to obtain results to enable a detailed submission of those results to the US FDA for the purpose of receiving an Emergency Use Authorization, enabling use of the technology as a Point of Care (POC) rapid test. Secondary benefits should be publication of the resulting data in the form of at least two peer-reviewed science/medical journal papers. Grant applications are anticipated by at least one of the partners to the work. The projections for the timeline for the work range from one+ month for the independent laboratory to more than three months for the diagnostic company.
While we have achieved results in less than one hour with our own laboratory work, indications from one of the entities are that the test can potentially be streamlined to the point where results may be obtained in as little as twenty minutes in a form that makes the test more user and consumer friendly. This projected ease of use positions the assay for potential home use if and when it is approved by the FDA.
NanoLogix has entered into mutual confidentiality agreements with both involved groups. We faithfully respect those agreements as essential to the success of business and technology development. In the past, when we have released information mentioning arrangements with others, such as the US EPA, the University of Texas Health Science Center in Houston, Battelle Biomedical research Center, and individuals recently employed or otherwise associated with NanoLogix, those groups began receiving calls and contacts from persons identifying themselves as shareholders of NanoLogix. The calls ranged from in subject from simple curiousity to demands to reveal the nature of the technology development and business relationship with NanoLogix. The effects were potentially damaging to NanoLogix and its interests, to include investors. We will not release further information regarding the recent associations until all parties are prepared to do so.
This press release or update contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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