- Victory Square Technologies (CSE:VST) subsidiary, Victory Square Health, has acquired Brazilian company, Safetest Comércio de Diagnósticos
- The C$4 million all-stock transaction was for all of Safetest’s assets and intellectual properties, including its rapid COVID-19 antibody test
- Safetest’s antibody test can confirm active COVID-19 cases and also identify past COVID-19 infections in recovered patients
- With the acquisition now complete, Victory Square intends to accelerate the development and commercialisation of the test
- Victory Square Technologies (VST) is up 42.86 per cent and is currently trading at 10 cents per share
Victory Square Technologies (CSE:VST) subsidiary, Victory Square Health, has acquired Brazilian company, Safetest Comércio de Diagnósticos.
Founded in 2016, Safetest has brought a number of high-quality rapid tests to the markets, including blood sample screening tests. Its pipeline of diagnostic test kits covers a variety of ailments, including Hansen’s Disease, brucellosis, HTLV, and leishmaniasis.
VS Health acquired all of Safetest’s assets and intellectual properties, in an all-stock transaction worth C$4 million. The company also issued Safetest with common shares in VS Health, which owns 20 per cent of the combined entity.
The acquisition was primarily for the purpose of attaining Safetest’s rapid COVID-19 antibody test. The Safetest-Covid19 is can detect antibodies related to SARS-CoV-2 with a single drop of blood.
The test can confirm suspected cases of COVID-19 in the present, and also identify past COVID-19 infections which went unnoticed, producing results in five to fifteen minutes.
Safetest’s CEO, Felipe Peixoto, said the test’s abilities have significant implications for frontline healthcare workers, and could help reopen the economy.
“Safetest-COVID19 offers unique advantages as it consists of synthetic viral particles that identify various molecule parts, making it reliable, precise, and universal.
“We are finishing the clinical validation with 400 samples, with impressive and promising preliminary results indicated by 100 per cent sensitivity and 99.5 per cent specificity.
“Such results support our confidence that our company’s US FDA and ANVISA applications will be endorsed shortly with approval to commercialise the tests,” he said.
VS Health intends to accelerate the development and commercialisation of the test.
Victory Square Technologies’ CEO, Shafin Diamond Tejani, commented on the company’s plans for the COVID-19 test.
“We are very proud to be part of fighting this pandemic and support Canada’s and all other countries’ efforts to make rapid and accurate testing available to all citizens,” he said.
Victory Square Technologies (VST) is up 42.86 per cent and trading at 10 cents per share at 12:45pm EDT.