Comprehensive medical diagnostics and related solutions company, Todos Medical (OTCMKTS:TOMDF) on August 5, 2021, announced making the final payment of $1.25 million for completion of the $10 million acquisition of Provista Diagnostics.
Provista, a medical diagnostics company in Georgia, owns the IPR to proprietary breast cancer blood test, Videssa. It is also performing Covid-19 testing, especially for the entertainment and medical industries. An estimated $50 million in R&D was invested in the company since 2012 for developing Videssa blood tests.
Todos is expanding Provista’s marketing team for capitalizing on automated capabilities in COVID-19 PCR testing as well as antibody testing. The firm also finished a $2 million investment for upgrading testing equipment in Provista’s lab. The test has shown specificity of 98%+ in women over and under the age of 50, addressing a multi-billion market.
Gerald E. Commissiong, President & CEO of Todos Medical said that the complete acquisition of Provista adds to the commercialization opportunity of Videssabesides centralizing proprietary diagnostic platforms in spectroscopy, ELISA, PCR amongst others. The commission said that acquisition provides tremendous value creation enabling a high return on investment.
Todos Medical also announced receiving notice of allowance from the US Patent & Trademark Office for a trademark for its supplement Tollovid.
The firm got a Certificate of Free Sale for a 5-day high dose regimen of Tollovid from US FDA in April 2021. CEO Gerald E. Commissiong said that it making regulatory compliant progress for bringing 3CL protease-related ‘Tollo’-branded technologies to the marketplace.
He said that the firm has carved a niche in the marketplace and there is a growing interest in these products.
 Stock Continues to Trade in a Range){kind=link}