XTEK signs exclusive distribution agreement for rapid biosecurity screening for SARS-CoV-2 virus

XTEK Ltd (ASX:XTE) has signed an agreement with KeyOptions Pty Ltd to exclusively distribute and support Virolens, which is designed to screen for SARS-CoV-2 in around 20-30 seconds, in Australia, New Zealand and the Pacific independent states.  The Virolens system is a COVID-19 screening device based on microscopic holographic imaging and artificial intelligence (AI) software technology.  It uses a digital camera to capture holographic images to analyse saliva samples, with the data run through a neural network computer which is trained to identify the virus from other cells, delivering an end result in around 20-30 seconds.  Under the two-year agreement, XTEK will be the exclusive distributor of Virolens products, consumables, training and maintenance to end-users, third-party service providers and others who will carry out testing at sites. The Virolens system Virolens is designed to screen for SARS-CoV-2 in approximately 20-30 seconds (98.1% sensitivity [true positive], 99.7% specificity [true negative] based on results of an internal in-vitro validation study - 184 samples). Virolens is made by a UK start-up, i-Abra, and manufactured by a listed company in the UK.  The Virolens product has been accepted by the UK Medical and Healthcare product Regulatory Agency (MHRA) and an application has been lodged by KeyOptions with the Therapeutic Goods Administration (TGA) in Australia. Revenues to XTEK from the sale of Virolens are subject to the TGA approval and are dependent on potential end customers converting expressions of interest into firm orders.