Avalon GloboCare and Qi Diagnostics Enter into Memorandum of Understanding for Proposed Co-Development of Real-Time Cannabis Breathalyzer for Detecting Potential Impaired Driving
Avalon GloboCare (NASDAQ: ALBT) has entered into a memorandum of understanding with Qi Diagnostics to explore co-developing a VOC nanosensor-based cannabis breathalyzer. The MOU grants Avalon a 120-day exclusivity period to negotiate a definitive agreement. If successful, the collaboration would focus on developing a prototype for detecting cannabis, leveraging Avalon's regulatory expertise and experience with clinical trials. The project aims to address point-of-care testing needs in law enforcement and workplace safety. However, there is no guarantee that a definitive agreement will be reached during the exclusivity period.
Avalon GloboCare (NASDAQ: ALBT) ha firmato un memorandum di intesa con Qi Diagnostics per esplorare la co-sviluppo di un etilometro per cannabis basato su nanosensori VOC. Il memorandum concede ad Avalon un periodo di esclusività di 120 giorni per negoziare un accordo definitivo. Se il progetto avrà successo, la collaborazione si concentrerà sullo sviluppo di un prototipo per il rilevamento della cannabis, sfruttando l'esperienza di Avalon in materia di regolamentazione e sperimentazioni cliniche. L'obiettivo del progetto è rispondere alle esigenze di test sul posto in ambito delle forze dell'ordine e della sicurezza sul lavoro. Tuttavia, non vi è alcuna garanzia che un accordo definitivo verrà raggiunto durante il periodo di esclusività.
Avalon GloboCare (NASDAQ: ALBT) ha entrado en un memorando de entendimiento con Qi Diagnostics para explorar el co-desarrollo de un alcoholímetro de cannabis basado en nanosensores VOC. El MOU otorga a Avalon un período de exclusividad de 120 días para negociar un acuerdo definitivo. Si es exitoso, la colaboración se centrará en desarrollar un prototipo para la detección de cannabis, aprovechando la experiencia de Avalon en regulación y ensayos clínicos. El proyecto tiene como objetivo abordar las necesidades de pruebas en el lugar de atención en las fuerzas del orden y la seguridad laboral. Sin embargo, no hay garantía de que se alcance un acuerdo definitivo durante el período de exclusividad.
아발론 글로보케어 (NASDAQ: ALBT)는 치 진단기와 양해각서를 체결하여 VOC 나노센서 기반의 대마초 호흡 측정기를 공동 개발할 가능성을 모색하고 있습니다. 이 양해각서는 아발론에게 120일간의 독점 협상 기간을 부여합니다. 성공적일 경우, 이 협력은 대마초 탐지를 위한 프로토타입 개발에 중점을 두며, 아발론의 규제 전문성과 임상 시험 경험을 활용할 것입니다. 이 프로젝트의 목표는 법 집행 및 직장 안전의 현장 검사 요구에 대응하는 것입니다. 그러나 독점 협상 기간 동안 확정적인 합의에 도달할 것이라는 보장은 없습니다.
Avalon GloboCare (NASDAQ: ALBT) a conclu un mémorandum d'entente avec Qi Diagnostics pour explorer le co-développement d'un alcootest pour cannabis basé sur des nanosenseurs VOC. Le MOU accorde à Avalon une période d'exclusivité de 120 jours pour négocier un accord définitif. Si cela réussit, la collaboration se concentrera sur le développement d'un prototype pour détecter le cannabis, tirant parti de l'expertise réglementaire et de l'expérience d'Avalon en matière d'essais cliniques. Le projet vise à répondre aux besoins de tests sur le terrain au sein des forces de l'ordre et de la sécurité au travail. Cependant, il n'y a aucune garantie qu'un accord définitif sera conclu pendant la période d'exclusivité.
Avalon GloboCare (NASDAQ: ALBT) hat ein Memorandum of Understanding mit Qi Diagnostics unterzeichnet, um die gemeinsame Entwicklung eines auf VOC-Nanosensoren basierenden Cannabis-Tests zu erkunden. Das MoU gewährt Avalon eine Exklusivitätsphase von 120 Tagen, um einen endgültigen Vertrag auszuhandeln. Bei Erfolg wird die Zusammenarbeit darauf abzielen, einen Prototyp zur Erkennung von Cannabis zu entwickeln und Avalons regulatorische Expertise sowie Erfahrungen mit klinischen Studien zu nutzen. Das Projekt zielt darauf ab, die Bedürfnisse der Punkt-zu-Punkt-Tests bei Strafverfolgung und Arbeitssicherheit zu adressieren. Es besteht jedoch keine Garantie, dass während der Exklusivitätsperiode eine endgültige Vereinbarung erreicht wird.
- Potential entry into cannabis detection technology market
- Exclusive 120-day negotiation period secured
- Leveraging existing regulatory expertise for product development
- No guarantee of reaching definitive agreement
- Early-stage development with no immediate revenue potential
- Significant R&D investment likely required for prototype development
Insights
The MOU between Avalon GloboCare and Qi Diagnostics represents a potentially significant market opportunity in the rapidly growing cannabis testing sector. The cannabis breathalyzer market is largely untapped, with increasing demand from law enforcement and workplace safety sectors. Current testing methods are and often time-consuming, creating a clear market gap.
However, investors should note several key risk factors:
- This is only an MOU with a 120-day exclusivity period, not a binding agreement
- The development timeline and costs are undefined
- Regulatory approval process could be lengthy and complex
- Market competition from other companies developing similar technologies
FREEHOLD, N.J., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a developer of innovative precision diagnostics and laboratory services, today announced that it entered into a memorandum of understanding (the “MOU”) with Qi Diagnostics Limited (“Qi Diagnostics”), a nanosensor-based diagnostic technologies company, to explore a proposed strategic collaboration to co-develop a VOC (volatile organic compound) nanosensor-based point-of-care cannabis breathalyzer. The MOU provides Avalon with an exclusivity period of 120 days (the “Exclusivity Period”), during which Avalon intends to negotiate with Qi Diagnostics and enter into a definitive agreement regarding the proposed strategic collaboration.
If Avalon and Qi Diagnostics enter into a definitive agreement within the Exclusivity Period, then the proposed collaboration would focus on the initial prototype-enabling stage, which would involve critical research, data collection, software development, and drafting of the prototype design of a breathalyzer that is capable of detecting cannabis. Avalon believes that its regulatory expertise would be beneficial to such collaboration, including but not limited to its experience with regulatory pathways, clinical trials, and approval process in the United States.
“The proposed collaboration with Qi Diagnostics would be a milestone in our commitment to developing innovative diagnostic solutions,” stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon GloboCare. “We intend to enter into a definitive agreement with Qi Diagnostics during the Exclusivity Period, and then put our effort into the development of a VOC nanosensor-based cannabis breathalyzer that is capable of addressing the need for point-of-care testing in law enforcement and workplace safety.”
The proposed collaboration with Qi Diagnostics is subject to negotiations during the Exclusivity Period, during which we intend to enter into a definitive agreement for the development of the breathalyzer. However, there can be no assurance that the terms of such definitive agreement will be acceptable to Avalon or Qi Diagnostics. Accordingly, Avalon and Qi Diagnostics may not enter into such definitive agreement during the Exclusivity Period or at all.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: ALBT) is a commercial stage company dedicated to developing and delivering innovative, transformative, precision diagnostics and clinical laboratory services. Avalon is working to establish a leading role in the innovation of diagnostic testing, utilizing proprietary technology to deliver precise, genetics-driven results. The Company also provides laboratory services, offering a broad portfolio of diagnostic tests, including drug testing, toxicology, and a broad array of test services, from general bloodwork to anatomic pathology, and urine toxicology. For more information about Avalon GloboCare, please visit www.avalon-globocare.com.
For the latest updates on Avalon GloboCare’s developments, please follow our twitter at @avalongc_avco
Forward-Looking Statements
Certain statements contained in this press release are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will”, “anticipate”, “estimate”, “expect”, “should”, “may”, and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, including statements regarding the ability to enter into a definitive agreement, as well as the Company’s commercialization, distribution and sales of its products and the ability to compete with other similar products. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov), including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Form 8-Ks filed or furnished with the SEC. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact Information:
Avalon GloboCare Corp.
4400 Route 9, Suite 3100
Freehold, NJ 07728
PR@Avalon-GloboCare.com
Investor Relations:
Crescendo Communications, LLC
Tel: (212) 671-1020 Ext. 304
albt@crescendo-ir.com
FAQ
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