SALT LAKE CITY, April 03, 2020 (GLOBE NEWSWIRE) -- Predictive Technology Group (OTC PINK: PRED) (Predictive or The Company), a leader in the development of genetic and molecular diagnostics and companion therapeutics, today announced a distribution agreement between its subsidiary, Predictive Laboratories and Wellgistics, LLC of Lakeland, Florida for distribution in the U.S. of its Assurance AB COVID-19 IgM/IgG Rapid Antibody Test (Assurance AB) intended for use by laboratories and healthcare workers at the point-of-care in the U.S.
Wellgistics, LLC, is one of the fastest growing wholesale pharmaceutical distributors in the United States. It is a logistics leader in the complex healthcare supply chain. Wellgistics is licensed in all 50 states as a Pharmaceutical Wholesale Distributor and is also licensed or permitted as Third-Party Logistics provider in all states. Its distribution facility, located in Lakeland, FL, is VAWD accredited by the National Association of Boards of Pharmacy.
From the onset of this global crisis, the Wellgistics leadership team has placed its sole focus on finding solutions for America. We felt confident that our competency in healthcare and pharmaceutical distribution would be sought out by product innovators to assist in delivering critically needed supplies throughout the country, said Brian Norton, CEO of Wellgistics.
Our newly established alliance with Predictive Laboratories allows us to leverage our complex distribution network in delivering the life-saving Assurance AB COVID-19 IgM/IgG Rapid Antibody Test to healthcare professionals all across the country. We are keenly aware and very impressed with the extensive steps taken by Predictive to ensure the highest levels of quality in their dual channel IgM/IgG product, which we believe will become the gold standard in the marketplace, said Norton.
We are pleased to partner with Wellgistics. They are an ideal partner and are able to scale and serve the most critical needs in the face of this global pandemic. Wellgistics logistics, expertise and infrastructure has demonstrated the ability to efficiently move products from around the world to the U.S. market and was an important component in our decision to partner with them. We are in production in advance of Wellgistics' purchase orders and will update stakeholders on details over the next few days, said Bradley Robinson, CEO of Predictive Technology Group. We will support Wellgistics, their team and customers with Predictive Laboratories full scientific, operational and service team members, added Robinson.
About the Assurance AB COVID-19 IgM/IgG Rapid Antibody Test:
The Assurance AB COVID-19 IgM/IgG Rapid Antibody Test is a rapid test for the qualitative detection of IgM and IgG antibodies associated with the SARS-CoV-2 virus. Assurance AB is a single-use, self-contained test that provides results in 15 minutes, helping authorities, employers and healthcare workers make informed decisions to contain the spread of COVID-19.
Assurance AB is intended for individuals who display signs and symptoms of COVID-19, individuals who were exposed to someone infected with COVID-19, or individuals who want qualitative information about whether or not they have IgM or IgG antibodies. Assurance AB is for use by laboratories and healthcare workers at the point-of-care.
What is antibody testing?
Antibody assays have the ability to detect past infections and indicate probable immunity. Antibodies are long-lasting and may be detected in the bloodstream several years after infection.
Assurance AB detects the presence of antibodies IgM and IgG, developed in response to the SARS-CoV-2 virus. The antibody and its relative levels may be used to indicate the stage of infection and estimate time since exposure to the virus for contact tracing.
- IgM: develop EARLY after SARS-CoV-2 virus exposure
- IgG: develop LATER after SARS-CoV-2 virus exposure; indicates long-term immunity
Assurance AB Benefits
- Results in 15 minutes
- Highly accurate (92% sensitivity (CI95% 89.4-95.7%); 100% specificity (CI95% 96.8-100%))
- NO laboratory equipment required
- NO specialized training required, easy-to-use
- Reduces risk of spreading the virus to healthcare workers administering tests or technicians processing tests
- Provides actionable information to all patients to help determine if a COVID-19 viral PCR test is needed
- Provides insightful information for when it is safe for individuals to go back to work and resume normal activities of daily life
- Test kits can be stored and used at room temperature
- Antibody testing is improved over nasopharyngeal swab testing by the fact that antibodies are more uniformly present in blood sampling
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize and personalize precision patient care. The Companys entities harness predictive gene-based analytics to develop genetic and molecular diagnostic tests and companion therapeutics in order to support a patient from diagnosis through treatment.
Dedicated to identifying the barriers that impact lifelong health through our genetic library, genomic mapping and individualized diagnostics, Predictives tests and products empower clinicians to provide their patients with the highest level of care. For more information, visit https://predtechgroup.com/
About Predictive Laboratories, Inc.
Predictive Laboratories molecular and genetic diagnostics focus on hard-to-diagnose and hard-to-detect diseases. Leveraging its vast genetic library, Predictive offers earlier detection of a variety of diseases through genetic assessments to guide personalized precision medicine.
Equipped with a state-of-the-art CAP and CLIA accredited laboratory, Predictive operations perform next-generation sequencing experiments, including whole exome sequencing, gene and genetic marker panels, and low-pass whole genome analysis of embryos for aneuploidies. Predictive arms physicians with the most robust diagnostic tools to provide personalized precision treatment for their patients. For more information, visit www.predictivelabs.com
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.