Vancouver’s Victory Square Health has acquired Brazilian Covid19 test developers, Safetest.
The portfolio company of Victory Square Technologies acquired Safetest Comércio de Diagnósticos’s assets and intellectual property in an all-stock transaction valued at $4 million.
Safetest was founded in 2016 to bring high quality rapid tests to the market and has developed antibody-based tests and diagnostic kits for Hansen’s Disease, Brucellosis, HTLV and Blood samples screening.
Safetest-Covid19™ is a rapid serological test for the detection of IgG and IgM antibodies against SARS-CoV-2 similar to the glucose measurement test, done with a drop of blood.
The test is a 5 to 15 minutes rapid antibody-based test that not only can confirm suspected cases after the fact, it can also demonstrate who was infected and didn’t know it.
Safetest will be submitting an application to the U.S. Food and Drug Administration (FDA) under their new Emergency Use Authorization supported with clinical validation of the accuracy and specificity of its test. This policy allows Safetest to start sales and distribution of the test in the US while the file is under review by the FDA.
“We are very proud to be part of fighting this pandemic and support Canada’s and all other countries’ efforts to make rapid and accurate testing available to all citizens” said Shafin Diamond Tejani, CEO of Victory Square Technologies.
Victory Square Health was founded in 2016 to capitalize on personalized medicine and technology to bring diagnostic tests to support a patient’s care and improve health outcomes.