Biolidics inks deal to distribute Chinese biotech's Covid-19 test kits

CATALIST-LISTED medtech firm Biolidics has entered into an agreement with Chinese biotech JOYSBIO (Tianjin) Biotechnology Co to distribute the latter's Covid-19 test kits.

JOYSBIO owns the medical device known as the "SARS-CoV-2 antigen rapid test kit (colloidal gold)", Biolidics said in a bourse filing.

The company has been appointed the non-exclusive worldwide distributor of JOYSBIO's test for a year from Nov 26, when the agreement was signed.

Under the deal, Biolidics will automatically become the exclusive distributor of this product in Singapore if it orders 100,000 units within 90 calendar days from Nov 26 in the Republic, as well as the exclusive distributor in the Philippines if it orders one million units within 180 calendar days there.

According to the firm, JOYSBIO has received provisional authorisation for the test from the Health Sciences Authority in Singapore.

That said, the test shall only be supplied to licensed healthcare institutions, private hospitals, medical clinics or clinical laboratories for use on their patients for point-of-care testing, and not for at-home testing, Biolidics noted.

Barring unforeseen circumstances, Biolidics expects the agreement to contribute positively to the group's revenue after FY2020.

As part of its business plans, the company intends to expand its sale and distribution of third-party medical and healthcare-related products. This could include other brands of Covid-19 antigen rapid test kits and any other technologies within the diagnostic space in the healthcare sector, Biolidics said.

In a separate regulatory filing on Thursday, the company noted that its own Covid-19 antibody test kits are set to be distributed and used in Indonesia, after getting the green light from the authorities there.

The authorisation remains valid until Nov 25, 2021 and may be extended "should there be no undesirable events upon usage", Biolidics said.

Biolidics shares closed at 31 Singapore cents on Thursday, up one cent or 3.3 per cent, before the announcements.