Today, Qlife announces that a delay in finalizing the development of the two-in-one test for influenza and SARS-CoV-2 virus assay, and associated technical adjustment in the Egoo optics, means that this project has been put on hold. The implications of the development delay are that the clinical trial cannot be finalized before end of 2022, which in turn means that the 3rd payment will be cancelled by FIND under the project terms.
In December 2021, Qlife signed an agreement with FIND for $ 3.45 million for a 12-month project with the goal of developing a new and cost-effective two-in-one test for influenza and SARS-CoV-2 virus detection in decentralized care environments in low- and middle-income countries (LMIC). Funding to date has been paid out in two milestone payments amounting to 2.55 MUSD.
To move into the next phase, i.e., initiate clinical studies, the assay must have reached design freeze and technical adjustments must have been made to the optics. Due to delays within these developments, it is no longer possible to finalize within the current timeframe ending December 2022.
Qlife is in close dialogue with FIND to clarify whether the last milestone of 0.9 MUSD can be paid-out upon completion in 2023 instead. Until further funding is secured, Qlife has decided to put the project on hold.
“Both FIND and Qlife have a solid interest in bringing the product to the market, particularly in the LMIC, as a future platform for decentralized testing for respiratory diseases. However, in the current financial situation, Qlife is only able proceed with projects with a clear financing plan and a sustainable roadmap that goes beyond the development and regulatory stages. We need to focus our human and financial resources. As a result, we have now decided to await new financing until we can complete the last milestone “, says Thomas Warthoe, CEO of Qlife.
For more information please contact:
Thomas Warthoe, CEO
tw@egoo.health
+45 21 63 35 34
Qlife is a medical device company born to challenge the status quo in healthcare. We work to shift the perspective and turn today’s view on healthcare into tomorrow’s focus on health- empowerment. We are on a quest to empower people with more accessible ways to understand their health – so that they can move beyond reactive care towards proactive wellbeing. It’s how we contribute to improving quality of life for every individual and for the greater society.
Shares for Qlife are being traded on Nasdaq First North Growth Market in Stockholm with G&W Fondkommission as certified advisor (phone: +46 (0) 8-503 000 50, e-mail: ca@gwkapital.se).
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