Todos Medical Enters 90-Day Extension of Agreement with Convertible Note Holders on Moratorium on Conversions of Convertible Notes
Todos Medical, Ltd. (OTCQB: TOMDF) has secured a new agreement with convertible noteholders, instituting a 90-day moratorium on conversion and a sales restriction on common shares. This measure follows the expiration of a prior agreement on December 10, 2021, indicating increased investor confidence. The company anticipates a surge in demand for COVID-19 testing and its 3CL protease inhibitor products, which have recently gained FDA claims. Additionally, their European licensing partnership is expected to boost fourth-quarter revenue significantly, supporting efforts for national stock exchange listing.
- New 90-day moratorium on convertible note conversion limits share dilution.
- Increased demand for COVID-19 PCR and cPass testing expected.
- Sales growth for Tollovid® and Tollovid Daily™ supplements post FDA claims.
- European licensing deal is anticipated to boost fourth-quarter revenue.
- None.
NEW YORK, NY, ALPHARETTA, GA and TEL AVIV, ISRAEL, Dec. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Todos Medical, Ltd. (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, today announced the Company has entered into a new agreement with holders of its convertible notes that provides for a 90-day moratorium on conversion of those convertible notes and a restriction on sales of common shares owned by those noteholders (collectively the “New Lockup”). This New Lockup was entered into immediately after the expiry of a similar agreement on December 10, 2021 which was announced on September 24, 2021 (the “Old Lockup”).
“We are very pleased that we were able to come to a resolution on the restriction on Ordinary share sales into the market with our convertible debt holders such that there will be fixed number of shares outstanding as we head into an interim data readout of the Tollovir® Phase 2 clinical trial in hospitalized COVID-19 patients,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We are seeing a significant ramp in COVID PCR and cPass neutralizing testing demand at our CLIA/CAP-certified lab Provista Diagnostics, while at the same time seeing sales increase for our dietary supplement products Tollovid® and Tollovid Daily™ that are the only products in the marketplace that have received 3CL protease inhibitor claims from the U.S. Food & Drug Administrations. Our recently announced European licensing and distribution partnership with T-Cell Protect Hellas S.A. for our Tollovid-branded products has already made a material impact on our revenue for the fourth quarter, and we are now expecting additional orders and distribution agreements to be established as demand for 3CL protease inhibitor products increases dramatically in the months ahead and we believe Todos can play a major role in supplying these products to meet that demand. We believe the fact that management was able to negotiate this New Lockup demonstrates the confidence these investors have in our plan and should also provide confidence to the marketplace in our ability to deliver on our promises, give the Company sufficient room to finalize key strategic transactions previously announced to unlock shareholder value and help facilitate the listing of our common shares on a national stock exchange in the months ahead.”
For more information, please visit www.todosmedical.com. For more information on the Company’s CLIA/CAP certified lab Provista Diagnostics, Inc. please visit www.provistadx.com.
About Todos Medical Ltd.
Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos recently acquired U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista's proprietary commercial-stage Videssa® breast cancer blood test.
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.
Todos has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States. Additionally, Todos has entered into a joint venture with NLC Pharma to pursue the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses.
For more information, please visit https://www.todosmedical.com/.
Forward-looking Statements
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Todos Corporate and Investor Contact:
Richard Galterio
Todos Medical
732-642-7770
rich.g@todosmedical.com
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