Medivolve Announces Webinar Introducing Newest Partners: Marvel Diagnostics, Startup Out of UCLA

Rhea-AI Summary

Medivolve Inc. (OTC:COPRF) is hosting a webinar on February 4 at 1 PM ET to discuss recent developments, including the growth of its COVID-19 testing network and a special presentation on the BlowFISH Technology from UCLA researchers. Medivolve has signed a share purchase agreement to acquire up to 40% of Marvel Diagnostics for up to US$1 million, targeting clinical studies for BlowFISH. This system aims to replace traditional swabbing with a more efficient method. However, Medivolve cautions about the early-stage nature of this research.

Positive

• Medivolve is acquiring up to 40% of Marvel Diagnostics for up to US$1 million, enhancing its technology portfolio.
• The BlowFISH system is expected to significantly improve COVID-19 testing efficacy and efficiency.

Negative

• The research on BlowFISH technology is still in early-stage development, with no guaranteed results.
• No claims can be made regarding the technology's ability to detect the SARS-CoV-2 virus or obtain FDA approvals.

Medivolve will host a webinar Thursday, February 4^th at 1 pm ET. This includes an overview of Collection Sites’ network growth and a presentation from the UCLA researchers behind the Marvel Diagnostics innovative BlowFISH Technology for the detection of the presence of the COVID-19 virus.

TORONTO, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce it is hosting a Corporate Update webinar, Thursday February 4^th at 1 pm ET that will provide investors with an update on the Company's recent business developments.

Registration Link: https://us02web.zoom.us/webinar/register/WN_MwefnnmjR2y4mZb7xJq-ZA

Specifically, the webinar will feature Medivolve CEO Doug Sommerville and Collection Sites, LLC President Tim Shelburn who will discuss the growth of Collection Sites’ COVID-19 testing network and recent sales performance. It will also feature a special presentation from the UCLA-based research team behind Marvel Diagnostics and its novel technology. Medivolve has signed a share purchase agreement to acquire up to 40% of Marvel Diagnostics Inc, for an aggregate price of up to US$1 million through a series of milestone-based payments. This funding will be used to complete clinical studies for the BlowFISH collection system and to design and optimize, manufacture and market the device.

About Marvel Diagnostics Technology
The non-invasive low-cost BlowFISH will be a disruptive technology in an essential and fast-growing market. The BlowFISH POC system comprises a standalone BlowFISH collector which, when coupled with Marvel’s proposed FISH detection system, is expected to have very high sensitivity, excellent specificity, a short single test run time, and high capacity (10 min/test, 180/hr capacity).

The technology will be rolled out sequentially. The stand-alone collector (BlowFISH) will come to market first as a direct replacement for the nasopharyngeal swabbing. The next step will couple antigen-based detection to the BlowFISH collector to produce a simple, fast POC system. When the viral-RNA detection (FISH) system is fully developed, the BlowFISH collector will be sold directly to customers while the FISH detection equipment will be loaned with a multi-year contract and minimum number of kits purchase agreement.

The BlowFISH collector will be compatible with existing and emerging POC diagnostic test systems, such as an rtPCR-based test. It is a simple matter of extracting the exhaled breath condensate from the collection zone and shipping it off for diagnostic testing.

COVID-19 Research Disclaimer: Medivolve cautions that this research is still early-stage research and development and is not making any express or implied claims that it has or will have the ability to detect the SARS-CoV-2 virus at this time. Further, Medivolve cautions that it is not making any express or implied claims that the device(s) or technology will have successful clinical study results or be in a position to obtain FDA approvals required to commercialize the technology.

About Marvel Diagnostics Inc.

Marvel Diagnostics Inc. is a company focused on the commercialization of the novel BlowFISH technology developed by its UCLA-based research team funded by NSF-RAPID and NIH. The Marvel Diagnostics research team led by Pirouz Kavehpour (Professor, UCLA) with Jonathan Rothstein (Professor, UMass-Amherst) and Jeff Ruberti (Professor, Northeastern U.), all former lab mates at Massachusetts Institute of Technology nearly 20 years ago. Moving forward, Leyla Mirmomen (PhD/MBA) is the executive who will lead the commercialization of the technology and run the company.

The Marvel Diagnostics team also has several medical experts at UCLA’s hospital serving as consultants for infectious disease, FDA clearance and clinical trials. Marvel Diagnostics will leverage an existing partnership with UCLA to develop the technology.

About Collection Sites

Collection Sites COVID-19 testing centers offer convenient access to rapid antibody and antigen tests - which take 8-10 minutes to administer and provide results in less than 24 hours. The sites also offer regular RT-PCR. The testing centres are powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. All tests can be administered with insurance coverage options. The tests results can be communicated via text or email and can be accompanied with a certificate of good health via a HIPAA-compliant smartphone application.

For more information about the pop-up lab, the available sites and services visit www.testbeforeyougo.com.

About Medivolve Inc.

Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC)  seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.

Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.

Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal  www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.

For additional information, please contact:

Doug Sommerville, CEO
Doug.Sommerville@medivolve.ca

For investing inquiries please contact:
Evan Veryard
Evan.veryard@medivolve.ca

For US media enquires please contact:
Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the investment in Marvel Diagnostics; the capabilities and commercial viability of the BlowFISH technology; the economics of the BlowFISH technology; the expansion of COVID-19 testing sites; the proposed roll-out of testing sites; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What is the date and time of the Medivolve webinar?

The Medivolve webinar is scheduled for February 4 at 1 PM ET.

What is the purpose of Medivolve's webinar on February 4?

The webinar will provide updates on the company's recent developments and the growth of its COVID-19 testing network.

What technology will be discussed in the Medivolve webinar?

The webinar will discuss the BlowFISH Technology developed by UCLA researchers for COVID-19 detection.

What is the acquisition deal between Medivolve and Marvel Diagnostics?

Medivolve signed an agreement to acquire up to 40% of Marvel Diagnostics for up to US$1 million in milestone-based payments.

What is the market potential of the BlowFISH technology?

The BlowFISH system is aimed at being a low-cost, non-invasive solution for COVID-19 testing, with high sensitivity and capacity.