Avalon GloboCare Corp.
(NASDAQ: AVCO)
(“Avalon”), a
clinical-stage, global developer of cell-based technologies and
therapeutics and
Adial Pharmaceuticals,
Inc. (NASDAQ: ADIL; ADILW)
(“Adial”), a
clinical-stage biopharmaceutical company focused on the development
of treatments for addiction, today announced formation of a
strategic collaboration for global distribution of the
Assure/Fastep® COVID-19 IgG/IgM Rapid Test device and the
Assure/EcoStep® COVID-19 IgG/IgM Rapid Test device, point-of-care
(POC) COVID-19 antibody tests. The FaStep COVID-19 IgG/IgM Rapid
Test Device is the first serology (antibody) POC test for COVID-19
using fingerstick blood samples approved by the U.S. Food and Drug
Administration (FDA), which has issued an emergency use
authorization (EUA) for the FaStep COVID-19 IgG/IgM Rapid Test
Device and the EcoStep COVID-19 IgG/IgM Rapid Test Device. Under
the agreement, Adial has granted Avalon non-exclusive,
sub-distribution rights worldwide for the FaStep COVID-19 IgG/IgM
Rapid Test Device and the Assure/EcoStep COVID-19 IgG/IgM Rapid
Test Device, POC COVID-19 antibody tests.
As a result of the FDA’s EUA, fingerstick blood
samples can now be utilized with the FaStep COVID-19 IgG/IgM Rapid
Test Device for the test in POC settings, including doctors’
offices, hospitals, urgent care centers, emergency rooms, or other
locations where there is a licensed healthcare professional. The
FaStep COVID-19 IgG/IgM Rapid Test Devices are lateral flow assay,
10-minute, ‘instant,' POC test devices for the qualitative
detection of lgG and lgM antibodies specific to SARS-CoV-2 virus in
fingerstick whole blood, venous whole blood, serum, and plasma.
During testing, the specimen reacts with antigen coated particles
in the test cassette after droplets of blood from the subject are
placed on the cassette’s coated membrane.
“We believe there is significant market
potential for these differentiated test kits, as these tests are
able to detect IgG antibodies at a 98.6% accuracy and IgM
antibodies at a 92.9% accuracy and provide results within
10-minutes,” said David Jin, M.D., Ph.D., President and Chief
Executive Officer of Avalon. “Our goal is to leverage our
international distribution network and channel partners to bring
the product to market globally.”
William Stilley, Chief Executive Officer of
Adial, commented, “We are pleased to enter into this strategic
collaboration with Avalon. Avalon has an established global
distribution network that we believe will facilitate further sales
of these COVID-19 Rapid Test Devices worldwide. The rapid
proliferation of COVID-19 around the world has driven demand for
SARS-CoV-2 detection, and a widespread need for rapid antibody
testing. We look forward to working with Avalon in order to help
meet the global demand for rapid result COVID-19 serology
testing.”
About Avalon GloboCare
Corp.
Avalon GloboCare Corp. (NASDAQ: AVCO) is a
clinical-stage, vertically integrated, leading CellTech
bio-developer dedicated to advancing and empowering innovative,
transformative immune effector cell therapy, exosome technology, as
well as COVID-19 related diagnostics and therapeutics. Avalon also
provides strategic advisory and outsourcing services to facilitate
and enhance its clients’ growth and development, as well as
competitiveness in healthcare and CellTech industry markets.
Through its subsidiary structure with unique integration of
verticals from innovative R&D to automated bioproduction and
accelerated clinical development, Avalon is establishing a leading
role in the fields of cellular immunotherapy (including CAR-T/NK),
exosome technology (ACTEX™), and regenerative therapeutics. For
more information about Avalon, please visit
www.avalon-globocare.com.
For the latest updates on Avalon GloboCare's developments,
please follow them on twitter using their Twitter Handle:
@avalongc_avco
About Adial
Pharmaceuticals, Inc.
Adial Pharmaceuticals, Inc. (NASDAQ: ADIL;
ADILW) is a clinical-stage biopharmaceutical company focused on the
development of treatments for addictions. The Company’s lead
investigational new drug product, AD04, is a genetically targeted,
serotonin-3 receptor antagonist, therapeutic agent for the
treatment of Alcohol Use Disorder (AUD) and is currently being
investigated in the Company’s landmark ONWARD™ pivotal Phase 3
clinical trial for the potential treatment of AUD in subjects with
certain target genotypes, which are to be identified using the
Company’s proprietary companion diagnostic genetic test. A Phase 2b
clinical trial of AD04 for the treatment of AUD showed promising
results in reducing frequency of drinking, quantity of drinking and
heavy drinking (all with statistical significance), and no overt
safety concerns (there were no statistically significant serious
adverse events reported). AD04 is also believed to have the
potential to treat other addictive disorders such as Opioid Use
Disorder, gambling, and obesity. www.adialpharma.com
Forward-Looking Statements
This communication contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws. Such statements are based upon various facts and
derived utilizing numerous important assumptions and are subject to
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
"believes," "expects," "anticipates," "intends," "projects,"
"estimates," "plans" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could" are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. The forward-looking statements include statements
regarding leveraging Avalon’s international distribution network
and channel partners to rapidly and cost effectively bring the
product to market globally, Adial working with Avalon in order to
help meet the global demand for rapid result COVID-19 serology
testing and the potential of AD04 to treat other addictive
disorders such as opioid use disorder, gambling, and obesity. Any
forward-looking statements included herein reflect our current
views, and they involve certain risks and uncertainties, including,
among others, Avalon’s ability through its international
distribution network and channel partners to rapidly and cost
effectively bring product to market globally, Adial’s and Avalon’s
respective ability to meet the global demand for rapid result
COVID-19 serology testing, Adial’s ability to enroll patients and
complete clinical trials on time and achieve desired results and
benefits, Adial’s ability to obtain regulatory approvals for
commercialization of product candidates or to comply with ongoing
regulatory requirements, regulatory limitations relating to its
ability to promote or commercialize its product candidates for
specific indications, Adial’s [and Avalon’s] respective ability to
maintain its license agreements, continue maintenance and growth of
its patent estate and to establish and maintain collaborations,
Adial’s and Avalon’s respective ability to obtain or maintain the
capital or grants necessary to fund its research and development
activities, and Adial’s and Avalon’s respective ability to retain
its key employees or maintain their Nasdaq listing. These risks
should not be construed as exhaustive and should be read together
with the other cautionary statement included in Adial’s Annual
Report on Form 10-K for the year ended December 31, 2019,
subsequent Quarterly Reports on Form 10-Q and current reports on
Form 8-K filed with the Securities and Exchange Commission and
Avalon’s Annual Report on Form 10-K for the year ended December 31,
2019, subsequent Quarterly Reports on Form 10-Q and current reports
on Form 8-K filed with the Securities and Exchange Commission . Any
forward-looking statement speaks only as of the date on which it
was initially made. We undertake no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise,
unless required by law.
Avalon Contact Information:
Avalon GloboCare Corp.4400 Route 9, Suite 3100Freehold, NJ
07728PR@Avalon-GloboCare.com
Avalon Investor
Relations:Crescendo Communications, LLCTel: (212) 671-1020
Ext. 304avco@crescendo-ir.com
Adial Contact
InformationCrescendo Communications, LLCDavid Waldman /
Natalya RudmanTel: 212-671-1021Email: dwaldman@crescendo-ir.com
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