FluroTest Prepares to Detect SARS-CoV-2 Variants of Concern with High-Throughput COVID-19 Testing Platform

CALGARY, AB, May 4, 2021 /CNW/ - FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) and subsidiary FluroTest Diagnostics Systems ("FluroTest" or The Company), a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, are pleased to announce based on the data collected to date that the FluroTest platform will be capable of detecting the primary variants of concern now spreading across North America and fueling serious outbreaks around the world.

Many of the variants of concern are mutations that alter the viral structure through the spike ("S") protein found on the molecular surface. FluroTest's antigen immunoassay detects the nucleocapsid ("N") protein, which is found deep within the virus' structure and, so far, remains relatively unaffected by major mutations in the main variants of concern. FluroTest works with the world's leading reagent suppliers of the antibody pairs that are used in the Pandemic Defense Platform Immunoassay. Additionally, they have confirmed that the antibody pairs FluroTest uses can detect the UK, South African and Brazilian variants and they continually collect data on emerging variants of concern.

"We are pleased to work with suppliers that have extensive biologics experience to give us the confidence that we will be able to detect the variants of concern," said FluroTech R&D Director and Senior Scientist, Dr. Mauricio Arias. "As new variants emerge at an increasing pace, testing will become much more important worldwide. I believe many countries will follow the UK's strategy of fast, frequent and easy testing."

Variants of the SARS-CoV-2 virus first identified in the UK, South Africa, and Brazil appear to be more transmissible than the original wild viral strain first identified in 2019. The increased frequency and spread of these variants of concern has solidified the importance of widespread screening and surveillance, two of many uses for the FluroTest Pandemic Defense Platform. Leaders from FluroTest's target industries have openly stated that vaccine passports alone will not be sufficient. Accurate and verifiable testing is also extremely important to reopening the economy.

"The most common consensus is that vaccines alone will not be enough to end the pandemic in light of the rapid mutations of SARS-CoV-2," added Danny Dalla-Longa, CEO of FluroTech.  "By identifying people who are actively contagious and preventing them from entering sports stadiums, airplanes, cruise ships and schools, we can actively return to normal pre-pandemic life safely. This can only be done with strict restrictions in addition to vaccination, or by fast and frequent testing.  Just as with 9-11 and airport security, international pathogen safety protocols will be evolving. FluroTest believes that we are that next evolution."

FluroTest's system is designed to facilitate fast and accurate point-of-access testing of individuals by leveraging the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing. High-risk pandemic environments supported will include schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs and other large business and retail locations.

Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the pre-approval stage and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus.

About FluroTest Diagnostic Systems

FluroTest, a first mover in surge-scale rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly accurate testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest's system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs and other large business and retail locations. Created to support executive business continuity efforts, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing -- processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker's mobile device within 5 minutes. To learn more, visit FluroTest.com

About FluroTech (TSXV: TEST) (OTCQB: FLURF)

FluroTest is a subsidiary of FluroTech. The goal of FluroTech's research and technology is to develop detection methods which are sensitive, specific and easy-to-use. By combining FluroTech's proprietary spectroscopy-based technology with laboratory robotics automation and cloud computing, FluroTech, through the application of its technology and investment in FluroTest, has created a unique solution addressing the current and future pandemics. Using technology that was first developed at the University of Calgary, the FluroTest SARS-CoV-2 test is designed to identify patients with active virus infection; this is not necessarily the case for most of the currently approved tests that are meant to identify patients with SARS-CoV-2 nucleic acid. FluroTech's laboratory is led by Dr. Elmar Prenner, the original developer of the technology. Dr. Prenner serves as senior science advisor of FluroTech and brings over 28 years of expertise in fluorescence spectroscopy. To learn more, visit FluroTech.com

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer's perspective financial performance or financial position. The forward-looking information in this news release includes disclosure about the ability of the Company's testing devices to accurately and quickly detect COVID-19 and to process large numbers of samples in short time frames, the benefits of and demand for the Company's testing devices, its efforts to obtain approval of the FDA and Health Canada, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostics Systems Ltd which owns a 95% interest in FluroTest LLC. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the ability to obtain FDA and Health Canada approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Diagnostics Systems Ltd which owns a 95% interest in FluroTest LLC  and to obtain the regulatory approvals required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation's Annual Information Form under the heading "Risk Factors", the failure to develop and commercialize its testing devices in a timely manner or at all, the failure to recognize the anticipated benefits from the devices, the failure to obtain FDA or Health Canada approval for its products, the risk that regulatory approvals will not be received and the risk that changing circumstances will result in the decrease in demand for FluroTest's products. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.

SOURCE FluroTech Ltd.