Relay Medical and Fio Corporation, through their joint venture company Fionet Rapid Response Group, have signed an agreement with LifeLabs.
The purpose of the agreement will be to distribute the Fionet Platform for COVID-19 rapid testing and real-time tracking all across Canada.
The Fionet Platform is capable of fast, scalable, quality-controlled testing and real-time automatic digital results for electronic reporting. Each device can do approximately 60 tests an hour.
Fionet Rapid Response Group anticipates conducting hundreds of thousands of COVID-19 tests with the Fionet Platform each month.
“COVID-19’s threat to personal and economic well-being across the country created a need for innovation in technology and service. Through this alliance, LifeLabs and FRR are bringing into any community setting the caliber of automated, quality-controlled testing and tracking that previously was available only in centralized lab facilities," Dr. Michael Greenberg, CEO of Fionet Rapid Response Group and Fio Corporation, said in a release.
According to the agreement, LifeLabs will distribute the Fionet Platform across community sites across Canada, such as airports, pop-up labs and installations for small businesses.
"This partnership serves as another big step in our combined efforts to provide safe, accessible, and quality testing for Canadians as we look to re-start our economy as part of our WorkClear program," Charles Brown, president and CEO of LifeLabs, said in a release.
The Fionet Platform is a rapid testing and tracking solution for community-based settings. The platform can do scheduling and registration through the phone app at home, on-site check-in, on-the-spot antigen testing, data integration with other testing devices and provide result notifications, among others.
Following the announcement, shares of Relay Medical were down 3.28 per cent to C$0.59 as of 4:00 p.m. EDT.