Avellino and Sugentech Announce Strategic Collaboration

Partnership Focused In Short Term On COVID-19 Genetic Diagnostics and Solutions, Long Term Collaboration On Partner Diagnostics and Therapeutics

MENLO PARK, Calif.--(BUSINESS WIRE)-- Avellino is pleased to announce a strategic partnership with Sugentech (a Daejeon, Korea-based diagnostics company) to scale up the supply of tests designed to detect COVID-19 in the United States. The Sugentech testing technologies complement Avellino’s current EUA authorized RT-PCR test in the US, the AvellinoCoV2 test. Under the terms of the agreement, Avellino will distribute Sugentech’s COVID-19 rapid diagnostic serology test. Avellino will also commercialize Sugentech’s quantitative viral neutralization, enzyme-linked immunosorbent assay (ELISA) to determine the presence of protective antibodies against COVID-19.

Avellino Group Chairman Gene Lee said, “What a great day in the battle against COVID-19. Not only will this alliance help the US healthcare community meet the challenges of detecting COVID-19 accurately, but it may also help healthcare professionals correctly determine the true immune status of a person who is carrying COVID-19 antibodies. This will be a significant breakthrough in confirming the efficacy of vaccines, minimizing potential risks and further opening up society.”

Professor Tara Moore, Chief R&D Officer, added “Under further terms of the alliance, Avellino and Sugentech will work together in a research and development collaboration. Using Avellino’s extensive genetic experience, the companies will drive the design and development of new genetic diagnostic and immunotherapy targets for Avellino’s current disease focus areas, while also working to identify new candidate therapies that will expand their portfolio.”

Avellino board member Jim Mazzo said, “We look forward to working side-by-side with Sugentech and growing together. By complementing each other’s strengths, this alliance will allow both of our companies to seamlessly provide premium platform molecular diagnostic tests on a global level, with the goal of satisfying unmet medical needs that will help physicians and patients who are waiting for new treatment options.”

About Sugentech

Sugentech Incorporated is a company headquartered in Daejeon in the Republic of Korea (South Korea). The company is focused on the production and sale of in-vitro diagnostic test reagents. Sugentech is also involved in the manufacturing and sale of in-vitro diagnostic test reagents, point-of-care testing (POCT) products, folic acid products under the name of SOLGAR, as well as molecular diagnostic reagents. The in-vitro diagnostic test reagents are for personal use and are sold under the name SUREARLY. The POCT products are for professional use and are sold under the name INCLIX. In addition, the Company is engaged in therapeutic drug monitoring, as well as drug analysis method development.

About Avellino

Avellino Lab USA, Inc. is a global leader in gene therapy and molecular diagnostics and is at the forefront of precision medicine for eye care. The company is pioneering CRISPR gene editing to manage and potentially cure inherited diseases. Beyond the AvellinoCoV2 test, Avellino recently launched AvaGen, the world’s first DNA test to confirm the presence of genetic indicators that are positively associated with corneal dystrophies and keratoconus genetic risk factors. Avellino is headquartered in Silicon Valley, California, with operations in Korea, Japan, China, and the UK.

To learn more about Avellino, please visit www.avellino.com and www.avellinocoronatest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200825005133/en/