Pharmacyte Biotech Inc (OTCMKTS:PMCB) has clinched an opportunity to offer coronavirus testing kits. The company entered a pact with Hai Kang Life Corporation to provide a testing kit for coronavirus that offers accurate results when compared to the testing kits available worldwide. Pharmacyte is also focusing on submitting IND for the treatment of LAPC to the US FDA.
Seeks emergency approval from the US FDA
SARS-CoV-2 or Severe Acute Respiratory Syndrome Coronavirus 2 causes COVID-19 disease. It is a global pandemic and requires thorough testing for the foreseeable future. Several companies worldwide are engaged in developing a vaccine for the coronavirus. Pharmacyte seeks emergency approval from the US FDA to prove the efficacy of the testing solution produced by Hai Kang to detect coronavirus. The company expects nod of the FDA in a little few weeks to use the test kit.
Pharmacyte to meet the shortage of coronavirus test kits
Pharmacyte expects to meet the shortage of coronavirus test kits. If it receives a nod from the US FDA, it could help the needy to quickly identify coronavirus. It will also act as a revenue stream for Pharmacyte to fund its other endeavors. Albert Cheung-Hoi Yu, Ph.D., a Professor and Chairman of Hai Kang has developed the test kit last month and expects to offer accurate results 10 times better than other solutions available in the market to identify coronavirus.
The test is already featured in The New England Journal of Medicine when it proved to be more sensitive, accurate, and reliable in identifying the SARS virus in China during 2002-2003. However, Albert along with his team has reexamined the methods and techniques used during the SARS virus outbreak in China and developed an innovative test for SARS-CoV-2.
Pharmacyte will use two types of tests: serological and molecular to identify SARS-COV-2. Molecular tests will be used to ascertain the presence of viral genetic material in a test sample. The company will use RT PCR (Reverse Transcription Polymerase Chain Reaction) in which the genetic material from the sample of the patient is copied and compared with the virus genetic sequence to detect coronavirus. Innovative tests will help to identify RNA of the coronavirus in the swab samples. The testing kit developed by Hai Kang eliminates false negatives.