My conclusion is that they were never close with the technology being developed enough to attract a partner to begin commercializing RVA - it seems they are so small time that they get overly excited with their own results in their small bubble, but when feasibility assessments of RVA are conducted per 10/5/20 update - we have to assume results show RVA not feasible the next phase - so back to R&D phase we go - hopefully the Faros are all in at this point per below and will be able to make something happen !
NanoLogix Covid-19 Detection Test Update
Partial Funding received from NanoLogix Directors Options Exercise
NanoLogix has enlisted the services of a company with an advanced diagnostic platform that can deliver lab-quality results at point-of-care (POC). That company will perform an initial feasibility assessment of our COVID-19 viral assay on their rapid POC system. Partial funding for the first phase of the feasibility assessment is being provided through NanoLogix Director and Chief Medical Officer Dr. Jonathan Faro and Director Dr. Sebastian Faro exercise of options for 3 million shares. Those exercised shares are restricted from trading for a period of one year from issuance
The Directors' action reflects their belief in the NanoLogix rapid viral detection technology and its potential.
Independent laboratory work in Houston on a separate phase and aspect of the testing technology will begin after initial results from the above-mentioned work.
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.