Medivolve is well positioned to deliver shareholder value from its equity position in Marvel Diagnostics and the team’s successful development of BlowFISH, a non-invasive exhaled breath diagnostic technology that has cleared the first milestone in a series of clinical tests and has entered the next phase toward applying for an Emergency Use Authorization from the FDA to use the technology to test for the COVID-19 virus.
TORONTO, May 05, 2021 (GLOBE NEWSWIRE) — Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) a healthcare company that seeks out disruptive technologies, ground-breaking innovations and exclusive partnerships to help combat COVID-19, and Marvel Diagnostics, the developer of the non-invasive exhaled breath diagnostic technology, BlowFISH, announced today that BlowFISH has successfully cleared the first milestone in a series of clinical tests targeting application of an Emergency Use Authorization (EUA) from the United States Food and Drug Administration (FDA) to test for the COVID-19 virus.
During the clinical trial, BlowFISH’s proprietary technology, designed to efficiently collect a substantial liquid sampling directly from deep within the lungs, successfully detected the COVID-19 virus in three test samples. Developed by Marvel Diagnostics and funded by Medivolve, the technology offers the potential for a simple, inexpensive, non-invasive, massively deployable, rapid diagnostic system for detecting respiratory illness and airborne viral threats in approximately 10 minutes.
“This is an exciting and important milestone in advancing BlowFISH toward achieving EUA status in testing for COVID-19, and providing a non-invasive, cost-effective and scalable testing alternative to nasal swab solutions currently in market,” said David Preiner, CEO, Medivolve. “Making testing more accessible to populations, such as children and the elderly, where it may be difficult to administer a nasopharyngeal swab test, will become important in our transition to resuming daily life in the ‘new normal’. Data obtained from BlowFISH powered testing will also further Medivolve’s mission to use innovation and artificial intelligence to close the loop in health management for every American.”
Marvel Diagnostics is partnering with a research team from Louisiana State University Health Shreveport (LSUSH) to conduct clinical trials. With the second phase of testing now in progress, BlowFISH is currently on the right track to seek EUA approval from the FDA.
“BlowFISH’s detection of the COVID-19 virus brings us one significant step closer to changing the future of diagnostics for not only COVID-19, but for a wide range of respiratory illnesses,” said Dr. Pirouz Kavehpour, UCLA Professor and Marvel Diagnostics Co-Founder. “We are moving forward with urgency through proof-of-concept clinical trials, as these studies are a critical next step in making respiratory testing more comfortable, convenient and accessible for all…one breath at a time.”
Medivolve announced a landmark investment in Marvel Diagnostic in January of 2021, providing up to $1 million in funding, subject to the achievement of certain milestones, to be used to complete the clinical studies for the BlowFISH collection system and to design and optimize, manufacture and market the device.
About Marvel Diagnostics Inc.
Marvel Diagnostics Inc. is a company focused on the commercialization of the novel BlowFISH technology developed by its research team based at University of California Los Angeles. This research is funded by a Rapid Response Research (RAPID) grant from National Science Foundation (NSF), National Institutes of Health (NIH) and Medivolve. The Marvel Diagnostics research team led by Pirouz Kavehpour (Professor, UCLA) with Jonathan Rothstein (Professor, University of Massachusetts-Amherst) and Jeff Ruberti (Professor, Northeastern University), all former lab mates at Massachusetts Institute of Technology nearly 20 years ago. Leyla Mirmomen (PhD/MBA) leads the commercialization of the technology and operations of the company. Dr. Jeremy Kamil is Associate Professor of Microbiology & Immunology and co-PI of the local study at Louisiana State University Health Shreveport. Dr John A Vanchiere (MD, PhD), the physician who leading the study and Jennifer L. Carroll, director of the EVT diagnostic laboratory, are key team members at LSUHS.
About Medivolve Inc.
Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) focuses on commercializing technologies to help combat the COVID-19 pandemic. This includes providing convenient and accessible medical services for testing, prevention and treatment. Medivolve is comprised of a team of renowned global medical and business advisors who are committed to helping fulfill Medivolve’s mission of searching for and investing in breakthrough sciences, technologies, research or resolutions to empower the betterment of mankind. This panel includes prominent Stanford neurologist and immunologist Dr. Lawrence Steinman as well as Dr. Glenn Copeland, one of North America’s most prominent orthopedic treatment and sports medicine specialists. Through its braintrust of industry specialists, thought leaders, influencers, and opinion makers, Medivolve has also developed a proprietary strategy to capitalize on high-margin opportunities across three areas: the prevention, detection, and treatment of COVID-19.
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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 BlowFISH diagnostic technology; the pursuit by Marvel Diagnostics of FDA and EUA approval for BlowFISH; and the merits or potential opportunity for the BlowFISH technology. 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.
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