eResearch | Some U.S. states eased restrictions over the past weekend and Canada sees hope as its two largest provinces just announced plans to start easing restrictions implemented due to the COVID-19 pandemic. Even though self-isolation efforts have reduced the rate of infections, a vaccine is still under development and there is a high need for efficient diagnostic tools to have reliable visibility on the country’s actual statistics.
As of today, Canada currently has over 48,000 confirmed cases, with more than 18,000 recovered patients and 2,700 deaths. This is the lowest reported number of new cases in the past 10 days, but without a vaccine, the number of deaths in a single day has reached the highest so far this year.
Diagnostic tools are not just used for diagnosing individuals affected by COVID-19, but also for diagnosing individuals who are immune to the virus and may already have built antibodies from overcoming COVID-19, which could be used towards developing a vaccine.
As pharmaceutical companies and research firms collaborate to develop a vaccine for COVID-19, affected patients are overcrowding the health system, which has increased demand for various treatments, including in-home ventilator services to alleviate stress on hospitals.
See below, details on 6 publicly listed Canadian companies focused on diagnostics and vaccines for COVID-19.
Diagnostics & Testing
LexaGene Holdings (TSX: LXG) is a biotechnology company focused on developing automated pathogen-detecting products and diagnostic tools for various uses including food safety, veterinary diagnostics, water quality monitoring, and aquaculture pathogen surveillance.
Recently, LexaGene filed a provisional patent application with the U.S. Patent and Trademark Office for its product, the LX Analyzer, a fully automated pathogen diagnostics tool, to be used towards detecting the COVID-19 virus. The LX Analyzer is expected to launch in Q3/2020 with capabilities to support medical decisions in under an hour.
Microbix Biosciences (TSX: MBX) is a biotechnology company licensed by the FDA and Health Canada, focused on developing Quality Assessment Products (“QAP”) to improve the accuracy and validity of clinical diagnostic tests for various labs across the world.
This week, Microbix announced a partnership with Labquality Oy, a Finnish healthcare company focused on quality assessments, to provide distribution of Microbix’s QAPs to clinics across certain countries in Europe, for purposes including the improvement of accuracy for diagnosing respiratory viruses such as COVID-19.
SQI Diagnostics Inc. (TSXV: SQI) is a medical diagnostics company focused on developing proprietary tests that support pharmaceutical companies in generating automated diagnostics results with minimal errors and labour efforts.
Last month, SQI was selected by the University Health Network to receive a portion of a C$1 million grant provided by the Canadian Institutes of Health Research. Funds will be used to test and validate SQI’s existing assay called the Rapid Acute Lung Injury Diagnostic (“RALI-Dx”), a one-hour test that can be used to predict if a patient’s acute respiratory distress is caused by COVID-19.
PredictMedix Inc. (CNSX: PMED) is a technology company focused on Artificial Intelligence (“AI”) to develop innovative tools for impairment testing and healthcare, specifically in three categories: cannabis and alcohol, infectious diseases, and mental illness.
PredictMedix developed a proprietary AI-powered product with cameras and infrared thermography to scan large areas for infectious diseases such as COVID-19. The mass screening technology was recently deployed with Max Healthcare, one of the largest healthcare networks in South Asia, which includes 14 hospitals and over 3,000 doctors.
Vaccines & Treatments
IMV Inc. (TSX: IMV) is a biopharmaceutical company focused on developing immunotherapy solutions through enhancing the delivery of vaccines through its proprietary lipid-based delivery product called the DPX platform, which promotes the uptake of vaccines and extends the delivery time of treatments in the immune system.
Last month, IMV announced the development of DPX-COVID-19, a vaccine for the COVID-19 virus, currently being developed through partnerships with the Canadian Centre for Vaccinology at Dalhousie University, the Izaak Walton Killam Health Center, the Nova Scotia Health Authority, and the Canadian Immunization Research Network.
Protech Home Medical (TSXV: PTQ) is a medical technology company best known for its in-home, non-invasive ventilator products. The company also offers other in-home products and services for patients, including Daily & Ambulatory Aides, Power Mobility, INR Self-Testing, Respiratory Equipment Rental, Home Ventilation, Oxygen Therapy, and Sleep Apnea Treatments.
Protech has received over C$1.5 million from the CARES Act Provider Relief Fund, a COVID-19 pandemic support system, created to invest in equipment such as its in-home respiratory product. The Centers for Medicare and Medicaid Services has also recently removed non-invasive ventilators from the 2021 competitive Bidding Program, which should provide increased access to in-home ventilators for patients.
Viemed Healthcare Inc. (TSX: VMD) is a healthcare company focused on offering in-home solutions and treatments for respiratory patients through its non-invasive ventilators, and providing support to third parties with professional respiratory training and equipment.
In the past month, Viemed has supported multiple states in the U.S. by providing hospitals with ventilators and oxygen concentrators, in addition to hiring respiratory therapists to provide further support to health systems during the COVID-19 pandemic. In an effort to free up space in hospitals, Viemed is continuing its efforts in facilitating the transition of recovering patients from hospitals to homes through its in-home ventilators.
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For information regarding public companies in the U.S. focused on the COVID-19 virus, see our article “Public Companies Developing Drugs and Diagnostics Tools for COVID-19”.
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