Full announcement here: https://links.sgx.com/FileOpen/Announcement%20for%20Accelerate%20_Final.ashx?App=Announcement& FileID=623696

 

The board of directors (the " Board" or &ldquo Directors&rdquo ) of Biolidics Limited (the &ldquo Company&rdquo and, together with its subsidiaries, the &ldquo Group&rdquo ) is pleased to announce that the Company had, on 9 July 2020, entered into a licensing agreement (the " Agreement" ) with Accelerate Technologies Pte Ltd (&ldquo A*ccelerate&rdquo ) for a duration of five years from the date of the Agreement (the &ldquo Term&rdquo ).

 

A*ccelerate is the commercialisation arm of the Agency for Science, Technology and Research (A*STAR). For additional information, please visit https://www.a-star.edu.sg/accelerate.

 

Pursuant to the Agreement, A*ccelerate has granted the Company non-exclusive worldwide rights to (1) use the technology for the detection of COVID-19 viral spike/Angiotensin Converting Enzyme 2 (&ldquo ACE2&rdquo ) blocking antibodies (the &ldquo Technology&rdquo ) for diagnostic use for the Term to further develop the Technology, and (2) market the serology tests which incorporate the Technology. The Company aims to develop new serology tests which incorporate the Technology.

 

ACE2 is a cellular receptor for coronaviruses such as SARS and novel coronavirus SARS-CoV-2. Spike proteins from these coronaviruses recognize and bind to ACE2 on the surface of target cells (e.g. lung cells), allowing the virus to enter cells and infecting the person.

 

Most commercially available serology tests against COVID-19, including the Company&rsquo s COVID-19 Antibody Test Kit launched on 30 March 2020, detects the IgG and IgM antibodies (a group of antibodies produced by the body in response to the infection of SARS-CoV-2 virus). As such, these serology tests which detect the presence of IgG and IgM are currently used only as an assistive tool in the detection of COVID-19, and they are not able to detect specific antibodies that bind to the SARS-CoV-2 virus which interfere with its ability to infect target cells.

 

Serology tests which incorporate the Technology allow the detection of such COVID-19 viral spike/ ACE2 blocking antibodies which may interfere with the ability of the virus to infect the target cells and may provide indication of protective immunity against COVID-19. However, it is important to note that there is currently little information on the level of antibodies sufficient to confer protective immunity to an individual and how long such protective immunity against COVID-19 may last in an individual.

 

The Agreement is not expected to have a material impact on the earnings per share and the net asset value of the Group for the current financial year ending 31 December 2020.

 

Shareholders and potential investors should note that policies in relation to diagnosis and/or detection of the COVID-19 virus and/or antibodies in various jurisdictions may change in response to developments in the COVID-19 situation, which is evolving rapidly. Further, there is no certainty that the Group will be able to successfully commercialise the serology tests which incorporate the Technology, if developed. Shareholders and potential investors are reminded to exercise caution when dealing in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.

 

Save for their respective shareholdings in the Company (if any), the Company is not aware of any of its Directors or substantial shareholders of the Company having any interest, direct or indirect in the Agreement.