Emerald Organic Products and Todos Medical have created a joint venture to address the demand for COVID-19 screening and diagnostic testing in the U.S.
Emerald will own 51% of Corona Diagnostics, while Todos will own the remaining 49%. Emerald Organic also will contribute financing, U.S. domestic distribution support, and assistance with U.S. healthcare standards and regulatory requirements.
Todos Medical, based in Rehovot, Israel, is an IVD company that develops blood tests for the early detection of cancer, neurodegenerative disorders, and infectious disease. The company will handle regulatory approval from the U.S. Food and Drug Administration for the Colloidal Gold COVID-19 point-of-care (POC) screening test kit currently produced in China.
Colloidal Gold is a rapid POC test that uses a drop of blood from a finger prick to determine whether an individual has produced antibodies to in response to COVID-19. The test takes between two and 15 minutes to generate results and has received the CE Mark in Europe as a screening test.
In addition, Corona Diagnostics will utilize Todos' distribution agreement for the ANDiS SARS-CoV-2 detection kit; the ANDiS SARS-CoV-2 and influenza A/B detection kit; and a proprietary ANDiS350 3DMed automated countertop, real-time polymerase chain reaction (PCR) machine. Corona Diagnostics plans to market an automated PCR-based test to use with Colloidal Gold for COVID-19 testing in the U.S.
