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NEW YORK, NY, March 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Parallax Health Sciences, Inc. (OTCQB: PRLX) (''Parallax'' or the ''Company''), an outcome-driven connected healthcare company, today announced it has received preliminary approval for registration into the U.S. Government's System for Award Management, ("SAM") as part of the Company's efforts to work with the Center for Disease Control and Prevention, ("CDC") in Atlanta, Georgia to obtain a contract grant with their Small Business Group for the Company's Immunoassay diagnostics analyzer to detect the Coronavirus, ("COVID-19").
As previously announced, these efforts coincide with the Company's strategic initiative for the creation of a rapid screening test on its VT-1000 diagnostics device for COVID-19 that when soon available will produce results within 15 minutes. The Company has already received 26-Federal Drug Administration, ("FDA") 510(K) approvals for biomarkers used in conjunction with the VT-1000 desktop unit. The FDA approved 510(K) tests include the following:
The Company's integrated remote patient monitoring and diagnostic platform can be useful to assess and comfort patients in alternative settings such as their home, and also for determining which patients need to be seen in the hospital or if urgent care is appropriate. The Company's Good Health Outcomes™ platform can enable healthcare providers to treat isolated patients and help to prevent the spread of what is becoming an extremely contagious virus.
Last week, the Bill & Melinda Gates Foundation said, "It is partnering with Wellcome and Mastercard to commit $125 million in seed funding toward an accelerator created to speed up development of treatments for COVID-19."
Last Friday at a press conference in Washington, DC, President Trump committed additional funding to bring the total now to more than $50 billion available for the development and testing of COVID-19. Mr. Trump cautioned that many of the current Covid-19 tests are not point-of-care, ("POC") tests and they typically take 24 hours or more to generate results.
President Trump, Vice President Pence, and officials from the coronavirus task force held a briefing Sunday on the country's response to the COVID-19 pandemic. Vice President Pence commented, "That testing will be expanded and that cost will never be a barrier to any American who needs a test in getting the coronavirus testing they require."
"We are committed to working with those parties in the federal, state and local governments as well as the laboratories and universities in the private sector to making our diagnostic analyzer and testing kits available in the healthcare community as quickly as possible," stated Paul Arena, Chief Executive Officer of Parallax Health Sciences, Inc.
Also last Friday, Fox News with Bret Baier aired a Special Report on COVID-19. The Company's own Nathaniel Bradley, Chief Technology Officer and President of Parallax Health Management, was interviewed for the show. The footage can be seen on our website at www.parallaxcare.com on the landing page.
About Parallax Diagnostics
Parallax Diagnostics is a bio-medical company and wholly-owned subsidiary of Parallax Health Sciences, Inc. Parallax Diagnostics owns a line of 26 FDA approved, Point of Care diagnostic tests on a single platform in the area of infectious disease, cardiac, medical conditions, drugs of abuse, and pregnancy. Parallax Diagnostics is developing a novel, handheld diagnostic testing system that is simple, rapid and elegant, offering the potential to transform the diagnostic landscape by transitioning critical tests from the centralized lab directly to the hands of the physician or clinicians. Our focus is on tests that detect and/or monitor infectious diseases.
About Parallax Health Sciences
Parallax Health Sciences is a leading-edge technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment, and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved in real-time by physicians who are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and is automated for integration into electronic health records. The Company's products and offerings capitalize on the digital transformation in healthcare for improved patient compliance, diagnosis and treatment, and support healthcare system cost savings and efficiencies. For more information, please visit www.parallaxhealthsciences.com or www.parallaxcare.com.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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