Singapore, 1 April 2020 - Biolidics Limited is pleased to announce that its rapid test kit for the Novel Coronavirus 2019 has, on 31 March 2020, obtained the relevant authorisation from the Food and Drug Administration of the Philippines for its rapid test kit to be used in the country.

   

On 31 March 2020, the Philippine Society for Microbiology and Infectious Diseases issued interim guidelines on the clinical management of adult patients with suspected or confirmed COVID-19 infection.

   

As part of the guidelines, all suspected cases of COVID-19 should undergo testing for COVID- 19 and one of the two tests is COVID-19 IgG and IgM Rapid Diagnostic Test kits. The guidelines also include guidance on the use and interpretation of rapid antibody-based testing kits for COVID-19.

   

Biolidics rapid test kit is one of the few that combines both IgG/IgM antibody test for COVID- 19. Using serum, plasma or whole blood samples, Biolidicsrapid test kit can detect COVID- 19 with an accuracy of more than 95% in 10 minutes.

   

Biolidics& rsquo rapid test kit is generally used for the purpose of point-of-care testing (" POCT" ), which allows the diagnostic testing of COVID-19 to be performed in wide range of healthcare settings by clinical personnel who are not trained in clinical laboratory procedures. Notably, Biolidics' rapid test kit is simple-to-use and portable, hence it can be deployed where testing is needed most. The results from the test is not to be used for confirmatory testing or as sole basis for diagnosis. The results will have to be interpreted together with clinical presentation and are to be confirmed with supplementary testing.

   

Recently, Biolidics has obtained provisional authorisation from Singapore' s Health Science Authority for its rapid test kit to be used in Singapore on 27 March 2020.

Tayrona Financial price target for Clearbridge: S$0.43

Associate Biolidics Launches Covid-19 Test Kit
▪ Test kit has been provisionally approved by Singapore&rsquo s HSA. Clearbridge&rsquo s 33.04% owned Biolidics Limited announced on 30 March that it has entered into an agreement with a diagnostic kit manufacturer to customise and manufacture rapid test kits for the detection of Covid-19 for a duration of one year. The test kit has already received provisional authorisation from Singapore&rsquo s Health Sciences Authority to be used in Singapore and the first batch will be available in April 2020.

▪ ISO validated test kit offers 95% accuracy with results in ten minutes. The rapid test kit has undergone extensive validation and is compliant with ISO13485 requirements to consistently meet customer and applicable regulatory needs. According to Biolidics&rsquo press release, the test kit uses serum, plasma or whole blood samples to detect Covid-19 with more than 95% accuracy in ten minutes. As such, the rapid test kit can be used for the screening of patients at points of border entry and potential clusters. Conversely, polymerase chain reaction (&ldquo PCR&rdquo ) testing will confirm cases of infection via the testing of samples at the laboratory and takes several hours for results to be obtained.

▪ Growing demand for test kits. The crux of the issue is that the global Covid-19 pandemic has elevated demand for test kits and other medical supplies across the world. According to reports, global demand for test kits stand at up to 700,000 units per day.1 As asymptomatic carriers are often responsible for the spread of the infection, extensive testing within suspected clusters can help stem transmission early.

▪ Biolidics to market test kit through Clearbridge&rsquo s regional platform. Biolidics will be working with Clearbridge to obtain the relevant approvals from various health authorities in the region for the use of the rapid test kit. Target markets include Philippines, Malaysia, Indonesia and Hong Kong. Given the fast turnaround of test results and Clearbridge&rsquo s regional network, we reckon demand will likely be high &ndash potentially running into tens of millions of kits in a year.

▪ Events reaffirm the future of precision medicine. We have previously identified Clearbridge as a potential beneficiary of the Covid-19 pandemic. With the launch of the rapid test kit, Clearbridge&rsquo s earlier moves of establishing a regional distribution platform for precision medicine are showing value. Moreover, Clearbridge will stand to benefit from any gains in Biolidics&rsquo share price with each half cent move generating about S$0.43m of fair value gains. Biolidics suffered a net loss of S$4.8m on revenue of S$1.4m in FY19 ended December. The distribution of the high-demand test kit suggests improved profitability in FY20. Going forward, we expect Clearbridge to continue to execute further corporate actions to unlock value.