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Avricore Health Is Moving on Abbott Diagnostics Partnership Rumors

One of the more interesting pandemic plays in Canadian markets these days is Avricore Health Inc

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One of the more interesting pandemic plays in Canadian markets these days is Avricore Health Inc. (AVCR) which has been running to new highs on pending news of a partnership with U.S. health giant Abbott Laboratories.

What’s rumoured? There is an agreement between Abbott and Avricore that is signed but cannot be officially announced yet.

What’s out there? A Canadian Registry of Lobbyists disclosure states Abbott and Avricore are pursuing a federal government contract to create a platform using Abbott’s ID Now molecular testing device and Avicore’s HealthTab to test patients for COVID-19. The platform would use Avicore’s software to automatically report results from Abbott’s ID Now, presumably to government health authorities. https://ocl-cal.gc.ca/app/secure/ocl/lrs/do/clntSmmry?clientOrgCorpNumber=368300&sMdKy=1612206224868&V_TOKEN=1612206224868

Why is this important? Because Abbott is already a key player in Canada’s frontline defence against COVID-19. In the fall Health Canada approved Abbott’s ID Now device for use nationally, allowing for quick testing at pharmacies and medical clinics. Ottawa has also purchased more than 8 million of Abbott’s ID Now tests, which are a molecular test for the COVID-19 virus and is similar to a PCR test. As well, Abbott has successfully rolled out its Panbio antigen test for COVID-19.

The Avricore-Abbott link is not quite out of the blue news. In December Avricore said that its engineering team successfully married the technologies of HealthTab and Abbott’s ID Now device.

Avricore went on to state that the technology partnership offered “the only real-time reporting platform capable of securely transmitting COVID-19 test results automatically from the instruments to patients, healthcare teams and key agencies…”

It went on to say its HealthTab platform features a web portal for patients and “the ability for direct integration of data into COVID-19 contract tracing apps already deployed.”

HealthTab would allow for “real-time case reporting to streamline contract tracing, identify outbreaks and better deploy resources.”

Vancouver-based Avricore’s HealthTab real-time data reporting platform already has some serious support. Last November the Ontario Pharmacists Association announced it was expanding its partnership agreement to endorse and promote HealthTab for COVID-19 tests in the province’s pharmacies.

Pharmacists will support HealthTab because it enhances their role in the healthcare system. Beyond COVID-19, it can take a few drops of a patient’s blood from a finger stick for biomarkers of chronic disease with results printed immediately or securely online. HealthTab can work with a variety of chemistry analyzer devices.

The HealthTab system offers “real-time evaluations of treated populations and even real-world evaluation clinical trials.” The Rapid Access Safety Test Reporting, or RASTR Network, allows the network of HealthTab systems feedback de-identified data through to electronic health records and data management systems. This is the first platform allowing for blood chemistry results to be sent to consumers, their healthcare teams and sponsors such as researchers, insurance providers and the life-science sector.

It promises enhanced access to screening and early detection of disease, better data for physicians and pharmacists to support their patients, plus new opportunities to conduct research and ensure patient safety.

Avricore has also been busily stocking its war chest. Last week it raised $1.5 million in a private placement on top of another it raised $1.5 million in the fall. The company said the money is funding general working capital requirements.

 

Avricore’s stock rose following its latest financing announcement, which suggests it was fully subscribed.

Avricore has also been busy on the people side. In December it shook up its board of directors, appointing its chief technology officer and co-founder of HealthTab, Rodger Seccombe, to its board. It also announced the departure of its president and director Bobby Rai, who led the Company through its transition to become Avricore Health from its previous iteration as a cross-licence drug maker.”

The pace of news at Avricore has been speeding up since the November 2019 appointment of Hector Bremner as CEO. Bremner joined the company at the start of 2019 as an advisor and later executive vice-president, has been charged with monetizing Avricore’s portfolio of near-term commercial agreements and long-term opportunities for its platforms.”

It looks like Bremner is doing his job.

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