On Jul. 27, 2020, Todos Medical announced the Company has entered into a contract to supply NJ-based laboratory Best Supply with COVID equipment and reagents to enter the COVID testing field. The total value of the contract is initially $1,400,000. Best Supply is a NJ-based laboratory seeking CLIA/CAP certification to initiate COVID-19 testing.

Under the terms of the contract with Best Supply, Todos Medical will supply the equipment, training and software necessary to run an optimized automated PCR laboratory with capacity to run 300 tests per day, with the priority right to supply equipment and supply to scale up to 75,000 tests per day for SARS-CoV-2, the virus that causes COVID-19.

Earlier in the month Todos Medical licensed exclusive rights from 3D Medicines Corporation (3D Med) to seek U.S. Food & Drug Administration (FDA) Emergency Use Authorization (EUA) for 3D Med’s SARS-CoV-19 testing products, as well as exclusive branding and distribution rights to 3D Med’s qPCR test kits in the U.S. 3D Med recently completed an expansion of its extraction reagent manufacturing capacity, adding 1 million extraction reagent production per week (~140,000 per day). 3D Med has validated SARS-CoV-2 pool testing at a ratio of 10:1 and Todos intends to complete pool testing validation in the U.S. in the coming weeks, with plans to seek U.S. FDA EUA over the summer of 2020. Todos intends to be ready to deploy pool testing broadly for back-to-school and return-to-work testing, which Todos expects to ramp up significantly in the second half of the 2020 third quarter.