October 6, 2022, Vancouver, British Columbia – Syniad Innovations Inc (“Syniad”) is excited to announce that Gemina Laboratories Ltd. (CSE: GLAB) (FRA: 817) that it has entered into an agreement with International Point of Care, Inc (“IPOC”), for the manufacturing of its Legio XTM COVID-19 Rapid Antigen Test (the “Legio XTM Test”). The agreements signed today include both a Manufacturing and Supply Agreement and a License Agreement setting out the terms upon which IPOC will manufacture the Legio XTM Test in Canada to satisfy demand from distributors in CE Mark eligible jurisdictions.
The agreements entered build on the successful partnership between IPOC and Gemina that commenced in 2021. To date, IPOC has provided contract services to Gemina throughout the transfer to the manufacturing phase of the Legio XTM Test’s development, which were necessary precursors to the granting of the Test’s CE Mark and its commercial product launch. In a strong show of confidence in the Legio XTM Test, IPOC has offered to defer $500,000 of invoicing costs, covering the final stages of product validation. The $500,000 deferral may be repaid to IPOC from Gemina’s share of product revenues. Alternatively, IPOC has the ability to convert any outstanding portion of the $500,000 into common shares of Gemina at a conversion price of $0.60 per share.
Garth Styba, President of IPOC, stated “It’s absolutely wonderful to be on the brink of scale manufacturing with Gemina. The combined IPOC and Gemina teams have achieved something truly impressive – converting a new chemistry for diagnostics into a regulated, marketable product in just one year. We think the Gemina technology is a game-changer in our industry – it’s been exciting to have been involved with this team and technology from the beginning.”