Avalon GloboCare wins distribution rights to market Cellex’s COVID-19 antibody-based rapid test kit

Avalon GloboCare Corp (NASDAQ:AVCO) announced Wednesday it has been awarded distribution rights to market Cellex Inc’s coronavirus (COVID-19) antibody-based rapid test kit. North Carolina-based Cellex recently won an Emergency Use Authorization from the US Food and Drug Administration (FDA) to build and sell the kits.  In addition to the commercialization partnership agreement, Avalon said it is working with Cellex to source manufacturing facilities and to develop next-generation COVID-19 detection kits. READ: Avalon GloboCare forms strategic partnership to co-develop rapid detection SARS-CoV-2 antibody tests Avalon said the agreement allows it to initiate distribution and marketing of the Cellex tests to its designated network of channel partners and distributor affiliates, both in the US and internationally.  The rapid test kits are highly accurate and are able to detect IgG and IgM antibodies specific to the SARS-CoV-2 that causes COVID-19 in serum, plasma, and whole blood within 15 minutes. “The rapid spread of COVID-19 around the world has driven demand for SARS-CoV-2 detection, especially for rapid antibody testing,” Avalon CEO Dr David Jin said in a statement. “The global COVID-19 rapid test kit market is expected to reach $3.52 billion by the end of 2020. We look forward to leveraging our international network of strategic partners to commercialize this differentiated COVID-19 rapid test.” Dr Jin added: “At the same time, we are continuing our efforts to rapidly advance technologies to help combat the international COVID-19 pandemic through our ongoing programs in S-layer mucosal vaccine development and the AVA-Trap therapeutic and blood filtration system to combat cytokine storms.” Avalon, based in Freehold, New Jersey, specializes in developing cell-based technologies and is involved in the management of stem-cell banks and clinical laboratories. The company’s stock recently traded up 20.6% to $1.92 a share in New York. Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham