Benzinga | Aug 19, 2020 09:01AM EDT

Avalon GloboCare Announces Commercialization and Distribution Agreement with Cellex for COVID-19 Antibody Rapid Test Kit

FREEHOLD, N.J., Aug. 19, 2020 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (NASDAQ:AVCO) (Avalon or The Company), a clinical-stage global developer of cell-based technologies and therapeutics, today announced that the Company has entered into a commercialization partnership agreement with North Carolina-based Cellex, Inc., whereby Avalon has been awarded distribution rights to market Cellex's COVID-19 antibody-based rapid test kit, which has been granted U.S. FDA Emergency Use Authorization (EUA). Avalon is also working with Cellex to source manufacturing facilities and to develop next generation COVID-19 detection kits.



This agreement allows Avalon to initiate distribution and marketing of the U.S. FDA EUA registered tests to the Company's designated network of channel partners and distributor affiliates, both in the U.S. and internationally. These rapid test kits are highly accurate and are able to detect IgG and IgM antibodies specific to the SARS-CoV-2 that causes COVID-19 in serum, plasma, and whole blood within 15 minutes.

"The rapid spread of COVID-19 around the world has driven demand for SARS-CoV-2 detection, especially for rapid antibody testing," stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon. "The global COVID-19 rapid test kit market is expected to reach $3.52 billion by the end of 2020. We look forward to leveraging our international network of strategic partners to commercialize this differentiated COVID-19 rapid test. At the same time, we are continuing our efforts to rapidly advance technologies to help combat the international COVID-19 pandemic through our ongoing programs in S-layer mucosal vaccine development and the AVA-Trap(tm)therapeutic and blood filtration system to combat cytokine storms."