Zomedica Sets March 30, 2021 as Expected Commercialization Date for TRUFORMA™
ANN ARBOR, Mich., Nov. 13, 2020 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today announced that it expects to begin commercialization of its TRUFORMA™ point-of-care diagnostic platform on March 30, 2021.
Protected by approximately 70 issued and pending patents, the TRUFORMA platform uses Bulk Acoustic Wave (“BAW”) technology, developed by Qorvo (NASDAQ: QRVO), to provide a non-optical and fluorescence-free detection system for use at the point-of-care. BAW technology, also used in cell phones and in the world’s most advanced radar and communications systems, is an extremely reliable and precise technology. Zomedica believes that the TRUFORMA platform represents the first use of BAW technology in disorder and disease-state diagnostics.
“It certainly is a pleasure to be able to deliver such good news for our shareholders, employees, partners and, especially, the veterinarians whom we serve,” commented Robert Cohen, Interim Chief Executive Officer of Zomedica. “It is a credit to all of our employees and their laser focus on advancing TRUFORMA over the last many months that we are able to move into this final phase as we approach the commercial availability of our first product. I very much look forward to being able to report our first sale following launch.”
The diagnostics segment of the global companion animal market is expected to reach $2.8 billion by 2024 from $1.7 billion in 2019, at a 9.8% CAGR. Despite the effects of COVID-19 on the economy, veterinary practice financial data estimates show that revenue in the United States for August 2020 was up 18 percent over July 2019.
Zomedica has five initial assays under development, comprising two panels – one each to detect thyroid and adrenal disease. The Company has completed verification for canine and feline TSH, canine and feline tT4, canine fT4 and canine cortisol assays, and validation efforts are underway for all of these assays. Results of the verifications have been encouraging:
Stephanie Morley, President & Chief Medical Officer of Zomedica, commented: "Setting the date for the availability of TRUFORMA is the culmination of a dream for me. We set out to develop a product that could provide the accuracy of the reference lab and the convenience of point-of-care for the veterinary community. As a vet myself, I know the value of such a product to a veterinary practice. The fact that some of our assays under development not only are believed to be the first ever developed for use at the point-of-care, but also the first ever available in veterinary medicine, is expected to be an exciting contribution to the health and treatment of our pets."
Zomedica is in the process of building its sales organization in preparation for commercial launch. As previously reported, this organization will include distributors, distributor support representatives, direct sales representatives and professional service veterinarians. The entire organization will be supported by MyZomedica, the Company’s online portal, which will streamline customer communication and digital touchpoints, giving access to the Zomedica support team and resources. As previously announced, TRUFORMA can be installed entirely remotely, which should help limit the impact of the COVID-19 pandemic on instrument installations.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts; uncertainty as to our ability to supply equipment and assays in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of our obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contact:
#TECHSUPERSHOW Conference Party
Get Your Factories Connected -- Fast!