ANN ARBOR, Mich., Jan. 23, 2020 (GLOBE NEWSWIRE) — Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) (TSX-V: ZOM), announced today that it intends to focus on the final development and commercialization of TRUFORMA™, its inaugural point-of-care diagnostic biosensor platform, and the first five assays for the detection of adrenal and thyroid disorders in cats and dogs.
Verification of TRUFORMA’s™ initial assays is expected to be completed by the end of the first quarter of 2020. Assuming successful completion of verification, the goal is to complete validation by the end of the second quarter of 2020. The Company’s goal is to commence a pilot program in parallel to the validation work to optimize the customer experience. Assuming successful completion of these phases of work, Zomedica’s goal is to commence commercialization of all five initial assays in select strategic markets by the end of 2020.The TRUFORMA™ platform uses Bulk Acoustic Wave (BAW) technology to provide a non-optical and fluorescence-free detection system for use at the point-of-care. The Company believes that BAW technology, also used in cell phones and the world’s most advanced radar and communications systems, will enable precise and repeatable test results at the point-of-care during a typical veterinary appointment. Zomedica believes that the TRUFORMA™ instrument is the first to use BAW technology in disorder and disease-state diagnostics.Thyroid and adrenal disorders are some of the most common endocrine disorders in dogs and cats and diagnostics are a vital part of identifying these disorders in sick patients as well as geriatric wellness panels. Multiple assays must be performed to reach a definitive diagnosis but the ability to run all the necessary tests at the point-of-care does not currently exist and some tests must be sent to a reference lab. The initial three thyroid assays we are developing are: Total T4: Canine & Feline (thyroxine), Free T4: Canine, and TSH: Canine & Feline (thyroid stimulating hormone) and the two adrenal assays are Cortisol: canine, and Endogenous ACTH: canine (endogenous adrenocorticotropic hormone). Feasibility results showed a correlation data range of 0.95 – 0.99 to standard of care reference lab instruments for all five assays, which should provide a definitive diagnosis during the patient’s visit.Following commercial launch of TRUFORMA™, the Company intends to develop the platform’s next two assays for non-infectious gastrointestinal disease.
“This strategic change will focus the entire Zomedica team on the completion of the development and the beginning of commercialization of TRUFORMA™. We expect to move forward quickly to establish Zomedica as a major player in the veterinary diagnostics market, providing specialized solutions for unmet needs, improving animal care and enhancing veterinary practices,” said Stephanie Morley, DVM, the Company’s President and COO.Consistent with Zomedica’s focus on point-of-care diagnostic testing, once TRUFORMA™ is commercialized the Company intends to continue development of its pathogen detection device to detect fecal parasites in cats and dogs. Zomedica will also seek partners to continue the development and commercialization of its therapeutic assets and reference lab liquid biopsy platform.About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) (TSX-V: ZOM) is a veterinary diagnostic and pharmaceutical company focused on creating point-of-care products for companion animals (canine, feline and equine) that meet the unmet needs of clinical veterinarians and their patients. Zomedica’s product candidates will include novel point-of-care diagnostics that emphasize patient health and practice improvement. With a team that includes clinical veterinary professionals, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.Follow ZomedicaEmail Alerts: http://investors.zomedica.comLinkedIn: https://www.linkedin.com/company/zomedicaFacebook: https://www.facebook.com/zomedica/Twitter: https://twitter.com/zomedicaReader AdvisoryNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: market and other conditions; uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of verification, validation, development work and pilot and pivotal studies; uncertainty as to the likelihood and timing of regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; risks related to veterinary acceptance of TRUFORMA™ and competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to future clinical trials, regulatory approvals, safety and efficacy of our products, the use of our product, intellectual property protection and the other risk factors disclosed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities. Readers are cautioned that this list of risk factors should not be construed as exhaustive.The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.Investor Relations Contact:
Shameze Rampertab, CPA, CA
srampertab@zomedica.com
+1 647.283.3630
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