- Datametrex AI (TSXV:DM) has obtained the rights to import South Korean COVID-19 detection kits into Canada
- The company has also received the rights to sell the test kits in other countries, including the United States
- South Korea has already used the same kits to test millions of people for COVID-19
- The company is working to fast-track Health Canada’s approval for the test kits
- Datametrex AI (TSXV:DM) share price is up 90.91 per cent, and is trading for 10 cents per share with a market cap of $23 million
Datametrex AI (TSXV:DM) has obtained the rights to import South Korean COVID-19 test kits into Canada.
On April 13, the company entered into an agreement, allowing them to import the iLamp Novel-CoV19 Detection Kits. A South Korean company, iONEBIO Inc, manufactures them.
In addition, the agreement also gives Datametrex the right to sell the kits in other countries, including the United States.
The agreement came about after the Canadian Embassy in Seoul contacted the company, asking for help to procure test kits. Datametrex has strong relationships with many large multi-national companies in South Korea, and was able to negotiate a deal.
iONEBIO’s detection kits contain 288 tests each, all of which can be completed in one hour. The South Korean company claims that the tests provide results within 15 to 20 minutes, with 99.9 per cent accuracy.
The detection kits are the same one which South Korea successfully used in drive-through testing stations. The East Asian nation has used the kits to test millions of its citizens, and every traveller entering South Korea.
In 2015, South Korea experienced an unexpected outbreak of Middle Eastern Respiratory Syndrome (MERS), caused by another coronavirus strain. As a result, the country was more prepared when COVID-19 hit, and quickly responded with nationwide testing.
Some countries like China, Italy, and the US have recorded COVID-19 fatalities in the thousands and tens of thousands. In comparison, South Korea had recorded 222 COVID-19 deaths, as of April 14.
Datametrex believes that South Korea’s success in minimising infections and deaths is thanks to its swift testing and quarantine policy.
Health Canada must approve these detection kits before they can be used in Canada. As such, Datametrex is working to fast-track the approval process. The company has also started approval work with the US FDA.
Datametrex’s Chairman, Andrew Ryu, commented on the agreement.
“We strongly believe that these kits will assist Canada in slowing the spread of COVID-19, and ultimately save lives. It’s incredibly rewarding for us to be able to help Canada combat the spread of COVID-19,” he said.
Datametrex’s share price is up 90.91 per cent, and trading for 10 cents per share, as of 9:34am EST.
