2022-06-27 15:44

Qlife receives milestone payment of 1.23 M USD from FIND

Qlife announces today that the company has received a milestone payment of 1.23 M USD within the framework of its agreement with FIND, the global alliance for diagnostics. The payment is made in connection with Qlife achieving key milestones in the development of a new two-in-one test for influenza and SARS-CoV-2 virus.

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).

“The collaboration with FIND is very important for Qlife. It enables the development of a completely new test for a specific market with clear needs. We are proud to be part of a development project that can make such a big difference while the development work progresses in accordance with our plan”, says Thomas Warthoe, CEO of Qlife.

The financing is paid out in three milestone-based payments, where each payment follows specific R & D performance in the development process. The first payment was made in connection with the signing of the agreement and now the second research-related milestone has now been reached.

This means that Qlife has completed the milestones relating to the analytical verification protocols  which releases a payment of 1.23 M USD. As of date, Qlife has received 2.55 M USD from FIND.

Qlife expects to bring the new influenza/SARS-CoV-2 test capsules to market in select LMICs under a pilot program in 2023.

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