(NewsDirect)
FDAEUA-approved PCR collection kit tests provide
24-hourcertified lab results and retail for $9.99
In response to anational shortage of COVID-19 test options, Pittsburgh-based McDade Products, LLC haspartnered with G Medical Tests and Services, a division of G Medical Innovations Holdings Ltd. (NASDAQ: GMVD), to manufacture several million U.S.FDA Emergency Use Authorization (EUA) approved COVID-19 PCR collectiontest kits available for retailers for sale by the end of January,2022. McDade Products is a division of McDade Group, a specialtysales, marketing, and distribution company serving the U.S. retailindustry.
McDadeProducts is now accepting orders for the co-branded LiveNow PCRCollection Kit, which will retail for $9.99. The diagnostic PCR(polymerase chain reaction) test detects the presence or absence ofSARS-CoV2, the virus that causes COVID-19. Users register with the labonline, collect a nasal swab sample at home, and send the sample to GMedical’s CLIA-certified lab with the pre-paid return pack. Onaverage, tests results are expected to be available online within 24hours from the time the sample is received.
G Medical’s labs areapproved by the FDA under the EUA. Currently, G Medical has twoCLIA-certified labs; one in Southern California, and the other inNorth Carolina. In addition, G Medical has launched six testingcenters in California, with many more planned. G Medical’s labs arecapable of being run 24 hours per day 7 days a week, and can eachprocess up to 24,000 COVID tests per hour to meet the current demand.
The first testkit order is for 4 million units. G Medical will be selling theseunits wholesale for $3.25 each, reflecting gross profit of $7 million.Additionally, G Medical expects to be paid an average of $85.00 pertest through each patient’s insurance.
According to Grand View Research(grandviewresearch.com) the global PCR and real time PCR moleculardiagnostics market was valued at over USD $23.6 Billion in 2020 andexpected to expand at a CAGR (compound annual growth rate) of 0.9%between 2021 and 2028.
“For decades, we’ve been committed to empowering cliniciansand patients to better manage their health outcomes. By partneringwith McDade Products, we can make our SARS-CoV2 certified lab testingaccessible and convenient for customers and retailers nationwide. Withnew cases abound, and the world grappling with PCR test shortagesthere is a tremendous opportunity to provide safety, and relief to theworld economy with a significant financial benefit to ourshareholders,” said Dr. Yacov Geva, President and CEO of G MedicalInnovations.
“As a trusted and established next-generation mobile healthand e-health company that provides clinical and consumer medical-gradehealth monitoring solutions, G Medical Innovations enables us to offerour retail customers with an end-to-end solution to address thenational shortage of reliable COVID-19 diagnostic tests,” saidMichael McDade, CEO of McDade Products, LLC.
Visit https://www.mcdadegrp.com/ toplace orders for the LiveNow PCR Collection Kits.
About McDadeGroup
Foundedin 1994, McDade Group is a growing and dynamic sales, marketing, and distribution servicescompany headquartered in Pittsburgh, PA. The company has expanded toprovide solutions in distribution, category management, full-servicemerchandising, and consulting across the U.S. retail industry. Many ofthe world’s leading CPG manufacturers rely on the ability of McDadeGroup to build strong industry relationships and deliver services,insights, and expertise for hundreds of their products. Visit: https://www.mcdadegrp.com/ orLinkedIn: .
About G MedicalInnovations
GMedical Innovations Holdings Ltd. is an early commercial stagehealthcare company engaged in the development of next generationmHealth and telemedicine solutions and monitoring service platforms.The Company’s solutions and services can empower consumers, patientsand providers to better monitor, manage and improve clinical andpersonal health outcomes, especially for those who suffer fromcardiovascular disease (or CVD), pulmonary disease and diabetes. TheCompany’s current product lines consist of its Prizma medical device(or Prizma), a clinical grade device that can transform almost anysmartphone into a medical monitoring device enabling both healthcareproviders and individuals to monitor, manage and share a wide range ofvital signs and biometric indicators; its Extended Holter PatchSystem, a multi-channel patient-worn biosensor that captureselectrocardiography (or ECG) data continuously, including its QTSyndrome Prolongation Detection Capabilities Patch. In addition, theCompany is developing its Wireless Vital Signs Monitoring System (orVSMS), which is expected to provide full, continuous and real timemonitoring of a wide range of vital signs and biometrics. Itsmonitoring services include provision of Independent DiagnosticTesting Facility (or IDTF) monitoring services and private monitoringservices. Visit https://gmedinnovations.com/ .
Forward-LookingStatements
This press release contains forward-looking statements withinthe meaning of the “safe harbor” provisions of the PrivateSecurities Litigation Reform Act of 1995 and other Federal securitieslaws. Words such as “expects,” “anticipates,” “intends,”“plans,” “believes,” “seeks,” “estimates” and similarexpressions or variations of such words are intended to identifyforward-looking statements. Because such statements deal with futureevents and are based on G Medical’s and McDade Products’ currentexpectations, they are subject to various risks and uncertainties, andactual results, performance or achievements of G Medical and McDadeProducts could differ materially from those described in or implied bythe statements in this press release. For example, G Medical is usingforward-looking statements when it discusses delivery of purchaseorders, plans to open Covid-19 testing centers in California, timingof the delivery of tests results, anticipated gross profits, financialbenefit to shareholders, and addressing the national shortage ofreliable COVID-19 diagnostic tests. The forward-looking statementscontained or implied in this press release are subject to other risksand uncertainties, including those discussed under the heading “RiskFactors” in G Medical’s prospectus filed pursuant to Rule424(b)(4), filed with the Securities and Exchange Commission(“SEC”) on June 28, 2021, and in any subsequent filings with theSEC. Except as otherwise required by law, the companies undertakes noobligation to publicly release any revisions to these forward-lookingstatements to reflect events or circumstances after the date hereof orto reflect the occurrence of unanticipated events. References andlinks to websites have been provided as a convenience, and theinformation contained on such websites is not incorporated byreference into this press release. G Medical and McDade Products arenot responsible for the contents of third-party websites.
Investor RelationsCONTACT:
GMedical Innovations
Kobi Ben-Efraim, CFO
+972 8-958-4777
McDade Products,LLC
JenniferFaines
412-559-2860
ContactDetails
G-Medical Innovations
Kobi Ben-Efraim,CFO
+972 8-958-4777
CompanyWebsite
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