Contakt World Partners with LogicInk to Accelerate Development of Affordable COVID-19 Testing Kits
Designed for At-Home, Business, and Institutional Use - Kits Aim to Eliminate Strain on Testing Facilities with High Frequency Testing
VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Today, Contakt World Technologies Corp. ("Contakt World" or the "Company"), a technology company modernizing the contact tracing process, signed a strategic partnership to develop revolutionary COVID-19 testing kits with LogicInk. LogicInk is the creator of non-invasive biosensor wearables that help people track and measure their wellbeing. Upon achieving final proof of concept pursuant to a memorandum of understanding ("MOU") signed in October, Contakt World testing kits from LogicInk will allow users to receive COVID-19 test results from the biosensor Signals in 15 minutes without leaving their home or business. Users can then report directly to local health officials through the Contakt World platform, and seamlessly link their results with anonymized contact tracing data.
Contakt World plans to release the direct-to-consumer product through monthly subscriptions that provide thirty (30) tests per month - or "Testing as a Service." Each daily test will include a wearable Signal that reacts to ultra-violet light when COVID-19 is detected after its application. Results are given through color-coded combinations that will indicate the presence of the disease. Combining LogicInk's proprietary biotechnology with Contakt World's digital contact tracing solution could allow health agencies to quickly identify, isolate, and prevent the spread of COVID-19 - particularly in marginalized populations which lack access to quality health resources and testing. Because the tests don't require a lab to view results, it could alleviate the current strain on testing facilities, while increasing the speed and immediacy of contact tracing when positive results are identified. LogicInk's scientific team and advisors include Chief Scientist Hendrik Dietz, PhD who ranks among the world's leading researchers in DNA nanotechnology; Harvard Medical School genomics pioneer George Church, PhD; Larry Weiss, Founder and CSO at Symbiome; Lee Cronin, PhD, who investigates the digitization of chemistry and the creation of artificial life at the University of Glasgow; and David Hanzel, PhD, former Vice President at Pacific Biosciences, and more recently CSO at Naked Biome.
"As a digital contact tracing company, it's imperative that we do everything we can to not just track infections, but help prevent spread as well," said Justin Beck, founder and CEO of Contakt World. "One of the key battles in the fight against COVID-19 is stopping transmission chains before they start and these testing kits have the potential to do just that. Providing access to low-cost, accessible, high-volume testing is central to Contakt World's mission of bridging the gap for the most vulnerable communities that are being impacted by the pandemic. Using LogicInk's technology, we hope to unlock a new wave of contagion testing that starts with COVID-19 but expands to help all people afflicted by any vector-borne disease around the globe. We have a high degree of confidence in Carlos' team at LogicInk."
LogicInk is funded by West Ventures, market and brand experts with investor discipline; Village Global, the venture firm backed by some of the world's most successful entrepreneurs including Bill Gates, Jeff Bezos, and Mark Zuckerberg; and Breakout Labs, a fund within the Thiel Foundation, as well as other angel investors.
In addition to the direct-to-consumer version, Contakt World's planned B2B (business-to-business) and B2I (business-to-institution) test kits could allow businesses, schools, and other institutions to keep their staff safe, while broadly mitigating spread risk. As large venues re-open or private and public events are held, 15-minute pre-entry testing queues may provide unrivaled safety for entrants and all stakeholders.
Despite all the advances in technology, the COVID-19 pandemic has demonstrated that we are very much still in the dark ages in terms of effective response to major health crises. As a result, countries either shut down completely, or try to open back up to soon, damaging the economy and a host of other consequences. The new sensor is effectively a business (and economic) enabler that lets employees and customers come back to businesses and allow for safe re-opening.
"There is no greater threat to our health and economy right now than COVID-19 and we feel an immediate responsibility as a company to focus our efforts on developing scalable solutions that work without breaking the bank," said Carlos Olguin, founder and CEO of LogicInk. "Our work with Contakt World is a significant step in providing effective tools for early COVID-19 detection to the general public. We hope to have these kits in every household in America so they can be used whenever and wherever they are needed."
Contakt World's COVID-19 testing kit targeted availability is March 2021. The strategic partnership structure guarantees Contakt World up to 60,000 monthly kits at cost after proof of concept is achieved, rights to 33% of United States test kit production plus certain other rights related to development of kits for other contagions, in exchange for an investment in LogicInk's final development stage to achieve proof of concept for COVID-19. For more information about Contakt World and this partnership, please visit www.contakt.world.
About Contakt World
Contakt World is a data technology company innovating the contact tracing process, with the goal of becoming the most trustworthy, accessible and scalable contact tracing and health surveillance system globally. Contakt World combines aggressive research and development, next-gen data integrations and strategic health partnerships to empower and build mutual trust within communities, contributing towards health equity for users around the world. For more information, please visit the Company's website at www.contakt.world. Contakt LLC of California is a subsidiary of Contakt World Technologies Corp. in Vancouver, British Columbia, Canada.
This press release is not an offer to buy or sell securities in any jurisdiction.
LogicInk is the creator of non-invasive tattoo-like biosensor Signals that help consumers track and measure their bodies and the environments around them. We envision a future where LogicInk Signals seamlessly integrate into daily life, allowing us to see the invisible and take action to live a longer and healthier life. Powered by programmable chemistry and biology, LogicInk Signals in production and in R&D display a real-time readout on a person's accumulation of UV exposure, pollution, hydration levels, alcohol consumption awareness (NIH funded), and more. Backed by a team of world renowned physicists, chemists, designers, computer scientists, synthetic biologists, and physicians, LogicInk is headquartered in San Francisco, with partners and collaborators located around the world. For more information, visit logic.ink
Account Director - 5WPR
Forward Looking Statements Disclaimer
This press release contains "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"), including, but not limited to, statements with respect to the future prospects of the Contakt. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including the actual timing of Contakt World's product offering launch and ability to commercialize its solutions in accordance with its plans, the ability of Contakt World to obtain GAEN entitlements with Google and Apple, or allowing Contakt World to keep its apps on each respective app store for iOS and Android mobile operating systems. Although forward-looking statements contained in this press release are based upon what management of Contakt World believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include those risks listed above as well as additional risks like regulatory changes, general economic, market, or business conditions, actual or perceived implications of COVID-19 immunization or treatments and the timing thereof, meeting or maintaining various conditions of HIPAA, GDPR, and CCPA compliance, protection of Company intellectual property, and adoption of Contakt World platform or apps by government, B2B, B2I customers and consumer end-users. Additional risks and uncertainties applicable to the Contakt World and LogicInk relationship include but are not limited to the possibility that LogicInk's biosensor sticker may not be effective at detecting vector-borne diseases such as COVID-19. At this time, LogicInk and Contakt World have only entered into a MOU to develop LogicInk's biosensor sticker for vector-borne diseases such as COVID-19, and there can be no assurance that the companies will enter into a definitive agreement for the continued development and commercialization of the product. LogicInk's bionsensor stickers have not been approved by the FDA and they have not been demonstrated to be effective at detecting the SARS-CoV-2 (COVID-19) virus at this time. Further, it is possible that LogicInk and Contakt World may make the strategic decision to discontinue development of LogicInk's biosensor stickers for vector-borne diseases such as COVID-19. As a result, the biosensor stickers may never be successfully developed and/or commercialized for COVID-19 detection. In addition, LogicInk may be unable to capitalize research and development, or sufficiently scale up the production of its biosensor stickers in the currently anticipated timelines, or may be unable to meet future supply needs. The reader is cautioned not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to LogicInk and Contakt World, and each company assumes no obligation to update any such forward-looking statements. Contakt World undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE: Contakt LLC
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