- XTEK (XTE) has signed an exclusive distribution agreement with KeyOptions for the sale and support of Virolens
- Virolens is a COVID-19 screening device based on microscopic holographic imaging technology and artificial intelligence software
- XTEK will be the exclusive distributor of Virolens in Australia, New Zealand and the Pacific independent states
- However, any future revenues to XTEK from the sale of Virolens are still subject to TGA approval
- On market close for the day, XTEK is down 0.93 per cent and is trading at 53.5 cents per share
XTEK (XTE) has signed an exclusive distribution agreement with KeyOptions for the sale and support of Virolens.
Virolens is a COVID-19 screening device based on microscopic holographic imaging technology and artificial intelligence software.
The technology uses a digital camera to capture holographic images and analyse saliva samples. The data is then passed through a computer programmed to identify the virus from other cells, delivering an end result in around 20–30 seconds.
Under the agreement, XTEK will be the exclusive distributor of Virolens in Australia, New Zealand and the Pacific independent states.
The agreement is for two years, with a year-to-year automatic renewal thereafter.
Virolens has been accepted by the U.K. Medical and Healthcare product Regulatory Agency as an in-vitro diagnostic. An application has now been lodged by KeyOptions with the Therapeutic Goods Administration in Australia.
Importantly, revenues to XTEK from the sale of Virolens are still subject to TGA approval and is dependent on potential customers converting expressions of interest into firm orders.
“There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on XTEK,” the company said.
On market close for the day, XTEK is down 0.93 per cent and is trading at 53.5 cents per share.