TORONTO, July 30, 2020 (GLOBE NEWSWIRE) — QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA:34C1) is pleased to announce it has secured the exclusive rights to sell Hangzhou Laihe Biotech Co. Ltd.’s LYHER Novel Coronavirus (2019-nCoV) IgM/IgG Antibody Combo Test Kit (Colloidal Gold) within North America. The LYHER test kit was extensively reviewed by the US Food and Drug Administration (FDA) and the National Cancer Institute – Frederick National Laboratory and reported strong clinical results. The test kits are available for immediate sale in the United States. QuestCap Inc. has become the exclusive authorized sales agent in the United States, Canada, and Mexico for Hangzhou Laihe Biotech. Blackport Holdger Partners Inc. assigned QuestCap the right to act as an official exclusive agent through their role as the exclusive authorized North America representative of Hangzhou Laihe LYHER tests. The Company is eager to begin immediately selling the comprehensively reviewed, high-quality, and Emergency Use Authorized (EUA) test kits in the sizable and underserved US market. The test kits are used to determine if IgG/IgM antibodies to COVID-19 are present.“We at QuestCap are excited to begin selling the Hangzhou Laihe LYHER lateral flow antibody test kit in the United States”, stated Doug Sommerville CEO of QuestCap. He continued, “we as a company have been committed to procuring and selling the best technologies available to address the unfolding health crisis. The market has rapidly evolved and we are pleased to add the LYHER lateral flow test to our sales portfolio.”
The Hangzhou Laihe LYHER lateral flow test kit has been reviewed by the United States FDA and the results are available on the FDA official website. The clinical performance was evaluated by NCI’s Frederick National Laboratory and it reported a combined IgG/IgM sensitivity and specificity of 100% and 98.8%, respectively. The LYHER lateral flow test is one of only 12 lateral flow kits that have received Emergency Use Authorization. The test will be used at high and moderate complexity labs and healthcare facilities licensed to purchase antibody test. To date, the FDA has rejected a total of 85 additional antibody tests that applied for EUA. Clinical Performance SummaryCOVID-19 Antibody Test Disclaimers:
Negative results do not rule out SARS-CoV-2 infection, particularly in those who have been in contact with the virus. Follow-up testing with a molecular diagnostic should be considered to rule out infection in these individuals.Results from antibody testing should not be used as the sole basis to diagnose or exclude SARS-CoV-2 infection or to inform infection status.Positive results may be due to past or present infection with non-SARS-CoV-2 coronavirus strains, such as coronavirus HKU1, NL63, OC43, or 229E.Not for the screening of donated blood.In the early stages of infection, low levels of antibody expression can produce negative results.This product can only qualitatively detect antibodies in human serum, plasma and whole blood samples, and cannot determine the quantity of specific antibodies in the samples.The Company is not making any express or implied claims that the test has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this timeAbout QuestCap Inc.QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. Through QuestCap’s three divisions, MedQuest, TechQuest and ClimateQuest, it seeks, secures and funds recognised sciences, technologies, and solutions that impact our global community today.The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.Recent MedQuest investments include: $1M into Sunnybrook Hospital’s Research Group for Emerging and Respiratory Viruses (such amount payable in equal $250,000 installments) and $0.5M into Sinai Health Foundation’s research in COVID-19 diagnostic testing (such amount payable in equal $125,000 installments).QuestCap provides financing for a diverse range of entities in exchange for pre-determined royalties or distributions, or acquires all or part of one or more businesses, portfolios or other assets.For additional information, please contact:Doug Sommerville, CEO
Doug.Sommerville@questcapinc.com
416-301-5418For US media enquiries please contact:Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000Cautionary Note Regarding Forward-looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the sale of test kits; the details and efficacy of the COVID-19 tests; the update on test kits; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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