SINGAPORE, Aug. 01, 2022 (GLOBE NEWSWIRE) — ALR Technologies SG Pte. ltd (“ALRT” or the “Company”) (OTCQB: ALRT), the diabetes management company, announces that the Company has received manufacturing approval for Infinivo Medical Co., Ltd. (“Infinovo”) to place the first purchase order (“PO”) for GluCurve Pet CGM with an expected delivery date of October 2022. In addition, the manufacturing and supply agreement with Infinovo was subject to certain closing terms, including entering into a binding sales and distribution agreement for the GluCurve Pet CGM by July 31, 2022. Both parties have agreed to let this agreement expire and are currently working towards entering into a a new agreement under the same terms, extending the closing condition for ALRT to enter into a binding sales agreement and distribution agreement for GluCurve until August 31, 2022.
“We have reached an agreement in principle on key terms for a global sales and distribution agreement with a leading animal health company,” commented Joe Stern, animal health manager at ALRT. “The final step in their due diligence process is to evaluate the GluCurve Pet CGM internally using it on their own sample of customers and their respective pets. This step is taking longer than originally planned due to delays in After discussing the delays with Infinovo, we agreed that it would be in the best interests of both parties to enter into a new contract extending the date of the closing condition of a sales and distribution agreement until 31 August 2022. Based on the results of our non-inferiority study earlier this year, we do not expect this delay to affect our commercialization schedule and will provide further updates on the timing and details of the initial launch upon execution of the global sales and distribution agreement.
The GluCurve Pet CGM is the first and only continuous blood glucose monitoring system for diabetic cats and dogs. Veterinarians can quickly apply the monitor to pets before sending them home where glucose levels are recorded remotely every 3 minutes and securely uploaded to the ALRT cloud. In the cloud, data is analyzed and organized into time-saving charts and tables and displayed on the vet’s patient management portal, along with additional features such as glucose curve comparisons and overlays, calculators insulin dose guidelines, best practice guidelines, etc. The pet owner will also have access to real-time glucose readings and graphs through the GluCurve app for iOS and Android.
ALRT is pleased to announce that an updated Investor Presentation has been uploaded to the Investor Relations section of its website and can be viewed at https://www.alrt.com/investors.
ALR Technologies SG Pte. ltd.
ALRT is a data management company that developed the ALRT Diabetes Solution, a comprehensive approach to diabetes care that includes an FDA-cleared, HIPAA-compliant diabetes management system that collects data directly from meters blood glucose monitors and continuous glucose monitoring devices, a patent pending Predictive A1C algorithm to track treatment success between lab reports, and an FDA-approved insulin dosage adjustment program. ALRT also offers an algorithm to provide support to prescribers for the timely progress of medications other than insulin. The overall goal is to optimize drug treatments for diabetes to improve patient outcomes. The program tracks the performance of all clinical activities to ensure best practices are followed. The ALRT Diabetes solution offers healthcare providers a platform for remote diabetes care, helping to minimize patient exposure to potential infections in clinical settings. Currently, the Company is focused on diabetes and intends to expand its services to cover other chronic conditions anchored on verifiable data.
Additionally, ALRT’s Animal Health Division identified an unmet need in diabetes care and developed GluCurve; a solution to help veterinarians determine the effectiveness of insulin and identify the appropriate dose and frequency of insulin administration for pets, providing the same optimization of diabetes drug treatments for pets company than to humans.
ALR Technologies SG Pte. ltd. is controlled by ALR Technologies Inc., a company whose shares trade on the OTC:QB under the symbol “ALRT”. On May 17, 2022, ALR Technologies Inc. announced an agreement and plan to amalgamate and reorganize for the sole purpose of changing the jurisdiction of incorporation of the company from Nevada to Singapore (the “Redomiciled Merger Agreement”). The Redomicile Merger Agreement is subject to the required approval of the Company’s shareholders, required regulatory approvals, the effectiveness of the registration statement on Form F-4 filed by ALRT relating to the Redomicile Merger and other other customary closing conditions. The Domicile Merger is expected to be completed in the third quarter of 2022. See Form 8-K filed May 20, 2022 by ALR Technologies Inc. for more information on the Domicile Merger Agreement.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
This press release contains certain “forward-looking statements” as defined by applicable securities laws. All information and statements contained herein that are not clearly historical in nature constitute forward-looking statements and information, and the words “anticipate”, “estimate”, “believe”, “continue”, “could”, ” expect”, “intend”, “plan”, “postulate”, “predict”, “will”, “may” or similar expressions suggesting future conditions or events, or the negative form of these terms, are generally intended to identify forward-looking information. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These risks include all of the risks and uncertainties expressed in the Cautionary Notes and Risk Factors in the Annual Report on Form 10-K and other ALRT filings with the SEC. There can be no assurance that such statements included in this press release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Specifically, there can be no assurance that the Company will enter into a new manufacturing agreement with Infinovo, enter into a global sales and distribution agreement with a leading animal health company, or that such sales and distribution agreement will be executed on time. to meet the closing conditions. for the manufacturing and supply agreement with Infinovo The forward-looking statements included in this press release are made as of the date hereof. ALRT disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.