Rhinomed has received an initial purchase order for one million Rhinoswabs from the Victorian Department of Health (DH) to support Victoria’s testing capability.
This follows the recent NSW Health Pathology order of one million Rhinoswabs as announced on 11 August.
Rhinomed’s Rhinoswab technology improves the sample collection process. As previously disclosed the Rhinoswab is substantially more comfortable and easier to use than the standard nasal swab, captures a larger sample, can accelerate the sample collection process and significantly reduce queues and waiting times. Rhinoswab works with existing PCR pathology workflows and equipment and has equivalent cost and quality to the US and European standard of care nasopharyngeal swabs.
Rhinomed CEO Michael Johnson said, “We are pleased to receive further validation of the Rhinoswab from the Victorian Government. The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily. With well over 2 billion SARS- CoV-2 tests having been carried out globally over the past 18 months (close to 26 million* in Australia alone), there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience and we look forward to working with the Department of Health to deliver these outcomes.”
Rhinomed is continuing to scale up its manufacturing capabilities to accommodate growing domestic and international demand for this innovative technology.
The Rhinoswab is registered with the US FDA, Australian TGA and has a European CE mark. The company is developing an increasing sales pipeline and will update investors as further agreements occur.
The revenue associated with this order represents approximately 35%-45% of unaudited FY21 revenues of $3.9m. The details of the order are commercial in confidence. This announcement discloses all material details as required under section 4.15 of Guidance Note 8.
Rhinomed is also pleased to announce that it has also appointed AntiMicrobial Technologies Group (AMTG) as a distributor of Rhinoswab in Western Australia. Additionally, the company has appointed BioTrading Benelux BV as a distributor in Belgium, the Netherlands and Luxembourg (Benelux). The terms, pricing and details of the distribution agreements are confidential.