Avalon GloboCare and Qi Diagnostics Enter into Memorandum of Understanding for Proposed Co-Development of Real-Time Cannabis Breathalyzer for Detecting Potential Impaired Driving
October 25 2024 - 9:00AM
Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ:
ALBT), a developer of innovative precision diagnostics and
laboratory services, today announced that it entered into a
memorandum of understanding (the “MOU”) with Qi Diagnostics Limited
(“Qi Diagnostics”), a nanosensor-based diagnostic technologies
company, to explore a proposed strategic collaboration to
co-develop a VOC (volatile organic compound) nanosensor-based
point-of-care cannabis breathalyzer. The MOU provides Avalon with
an exclusivity period of 120 days (the “Exclusivity Period”),
during which Avalon intends to negotiate with Qi Diagnostics and
enter into a definitive agreement regarding the proposed strategic
collaboration.
If Avalon and Qi Diagnostics enter into a
definitive agreement within the Exclusivity Period, then the
proposed collaboration would focus on the initial
prototype-enabling stage, which would involve critical research,
data collection, software development, and drafting of the
prototype design of a breathalyzer that is capable of detecting
cannabis. Avalon believes that its regulatory expertise would be
beneficial to such collaboration, including but not limited to its
experience with regulatory pathways, clinical trials, and approval
process in the United States.
“The proposed collaboration with Qi Diagnostics
would be a milestone in our commitment to developing innovative
diagnostic solutions,” stated David Jin, M.D., Ph.D., President and
Chief Executive Officer of Avalon GloboCare. “We intend to enter
into a definitive agreement with Qi Diagnostics during the
Exclusivity Period, and then put our effort into the development of
a VOC nanosensor-based cannabis breathalyzer that is capable of
addressing the need for point-of-care testing in law enforcement
and workplace safety.”
The proposed collaboration with Qi Diagnostics
is subject to negotiations during the Exclusivity Period, during
which we intend to enter into a definitive agreement for the
development of the breathalyzer. However, there can be no assurance
that the terms of such definitive agreement will be acceptable to
Avalon or Qi Diagnostics. Accordingly, Avalon and Qi Diagnostics
may not enter into such definitive agreement during the Exclusivity
Period or at all.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: ALBT) is a
commercial stage company dedicated to developing and delivering
innovative, transformative, precision diagnostics and clinical
laboratory services. Avalon is working to establish a leading role
in the innovation of diagnostic testing, utilizing proprietary
technology to deliver precise, genetics-driven results. The Company
also provides laboratory services, offering a broad portfolio of
diagnostic tests, including drug testing, toxicology, and a broad
array of test services, from general bloodwork to anatomic
pathology, and urine toxicology. For more information about Avalon
GloboCare, please visit www.avalon-globocare.com.
For the latest updates on Avalon GloboCare’s
developments, please follow our twitter at @avalongc_avco
Forward-Looking Statements
Certain statements contained in this press
release are “forward-looking statements” within the meaning of the
federal securities laws. Forward-looking statements are made based
on our expectations and beliefs concerning future events impacting
the Company and therefore involve several risks and uncertainties.
You can identify these statements by the fact that they use words
such as “will”, “anticipate”, “estimate”, “expect”, “should”,
“may”, and other words and terms of similar meaning or use of
future dates, however, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements provide current expectations of future
events based on certain assumptions and include any statement that
does not directly relate to any historical or current fact,
including statements regarding the ability to enter into a
definitive agreement, as well as the Company’s commercialization,
distribution and sales of its products and the ability to compete
with other similar products. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors as disclosed in our filings with the
Securities and Exchange Commission located at their website
(http://www.sec.gov), including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Form 8-Ks filed or furnished
with the SEC. In addition to these factors, actual future
performance, outcomes, and results may differ materially because of
more general factors including (without limitation) general
industry and market conditions and growth rates, economic
conditions, and governmental and public policy changes. The
forward-looking statements included in this press release represent
the Company's views as of the date of this press release and these
views could change. However, while the Company may elect to update
these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to the
date of the press release.
Contact Information: Avalon GloboCare Corp.4400
Route 9, Suite 3100Freehold, NJ 07728PR@Avalon-GloboCare.com
Investor Relations:Crescendo Communications, LLCTel: (212)
671-1020 Ext. 304albt@crescendo-ir.com
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