Shares of Zomedica (ZOM) has seen an 87% increase in the green today, this is mostly in part due to the coming product launch in March, two months from now.
Zomedica sets March 30th as the date of commercialization of their TRUFORMA platform, protected by approximately 70 issued and pending patents, the TRUFORMA platform uses Bulk Acoustic Wave (“BAW”) technology, developed by Qorvo (QRVO), to provide a non-optical and fluorescence-free detection system for use at the point-of-care.
BAW technology, also used in cell phones and in the world’s most advanced radar and communications systems, is an extremely reliable and precise technology. Zomedica believes that the TRUFORMA platform represents the first use of BAW technology in disorder and disease-state diagnostics.
The diagnostics segment of the global companion animal market is expected to reach $2.8 billion by 2024 from $1.7 billion in 2019, at a 9.8% CAGR. Despite the effects of COVID-19 on the economy, veterinary practice financial data estimates show that revenue in the United States for August 2020 was up 18 percent over July 2019.
Zomedica has five initial assays under development, comprising two panels – one each to detect thyroid and adrenal disease. The Company has completed verification for canine and feline TSH, canine and feline tT4, canine fT4 and canine cortisol assays, and validation efforts are underway for all of these assays. Results of the verifications have been encouraging:
- The combined dynamic range of the canine and feline TRUFORMA TSH assay is 0.008-10.0 ng/mL compared to the Siemens IMMULITE® Canine TSH assay dynamic range of 0.03-12 ng/mL. This assay will enable quantification of samples with low levels of TSH, which is necessary to discriminate normal and hyperthyroid feline samples. Verification data comparing the canine TRUFORMA TSH assay to the Siemens IMMULITE Canine TSH assay showed high correlation (R=0.99). A feline-optimized TSH assay is not commercially available.
- The combined dynamic range of the canine and feline TRUFORMA tT4 assay is 0.45-30.0 µg/dL compared to the Siemens IMMULITE tT4 assay dynamic range of 0.5-15 µg/dL. Verification data comparing the canine and feline TRUFORMA tT4 assay to the Siemens IMMULITE Canine tT4 reference lab assay showed high correlation (R=0.94).
- The dynamic range of the canine TRUFORMA fT4 assay is 7.4-77.2 pmol/L compared to the Siemens IMMULITE Veterinary Free T4 assay dynamic range of 3.9-77.2 pmol/L. Verification data comparing the canine TRUFORMA fT4 assay to the Siemens IMMULITE Veterinary Free T4 reference lab assay showed high correlation (R=0.92). We believe that this will be the first fT4 assay available at the point-of-care.
- The dynamic range of the canine TRUFORMA cortisol assay is 0.35-24.0 µg/dL compared to the Siemens IMMULITE Cortisol assay dynamic range of 1-50 µg/dL. Verification data comparing the canine TRUFORMA cortisol assay to the Siemens IMMULITE Cortisol reference lab assay showed high correlation (R=0.97).
- The feasibility and design phases of the TRUFORMA ACTH assay have been completed, with verification expected to begin in the near future.
Zomedica (ZOM) builds it’s team prior to commercialization launch
Zomedica is in the process of building its sales organization in preparation for commercial launch. As previously reported, this organization will include distributors, distributor support representatives, direct sales representatives and professional service veterinarians.
The entire organization will be supported by MyZomedica, the Company’s online portal, which will streamline customer communication and digital touchpoints, giving access to the Zomedica support team and resources. As previously announced, TRUFORMA can be installed entirely remotely, which should help limit the impact of the COVID-19 pandemic on instrument installations.
So far, the company has appointed 3 individuals in preparation of the product launch. Joining Zomedica as Senior Director of Downstream Marketing & Communications is Debra Rock. Ms. Rock is an experienced marketing and communications professional, having served in leadership positions in both the human and animal health industries.
Ms. Rock joins Mike Schilk and Bonnie Bragdon at Zomedica. Mr. Schilk, Vice President of Sales, has demonstrated medical sales leadership over the past twenty-five years first at Pfizer Inc., then at Abbott Laboratories where he was responsible for the growth and development of more than 100 sales professionals and managers.
Dr. Bragdon joined Zomedica in 2019 as Vice President of Veterinary Affairs. Dr. Bragdon is a licensed veterinarian, having earned her Doctorate of Veterinary Medicine & Master of Science, as well as a Master of Veterinary Clinical Science, from The Ohio State University.
Robert Cohen becomes permanent CEO, Mr. Cohen brings to Zomedica more than 30 years of executive leadership and operations experience from the medical device, biotechnology and pharmaceutical industries.