On Friday, Avalon GloboCare Corp. ( ALBT ) entered into a memorandum of understanding (MOU) with Qi Diagnostics Limited, a nanosensor-based diagnostic technologies company, to explore a proposed strategic collaboration to co-develop a VOC (volatile organic compound) nanosensor-based point-of-care cannabis breathalyzer. 

The MOU provides Avalon with a 120-day exclusivity period during which Avalon intends to negotiate with Qi Diagnostics and enter into a definitive agreement regarding the proposed strategic collaboration.

Also Read: EXCLUSIVE: Avalon’s Lab Services MSO Poised To Commercialize FDA-Registered External Male Catheter Device

Avalon GloboCare ( ALBT ) is a commercial-stage company that provides precision diagnostics and clinical laboratory services.

If Avalon and Qi Diagnostics enter into a definitive agreement within the Exclusivity Period, then the proposed collaboration would focus on the initial prototype-enabling stage, which would involve critical research, data collection, software development, and drafting of the prototype design of a breathalyzer that is capable of detecting cannabis.

Avalon believes that its regulatory expertise, including—but not limited to—its experience with regulatory pathways, clinical trials, and the approval process in the United States, would be beneficial to such collaboration.

The proposed collaboration with Qi Diagnostics is subject to negotiations during the exclusivity period, during which the company intends to enter into a definitive agreement to develop the breathalyzer.

However, the terms of such a definitive agreement cannot be assured that they will be acceptable to Avalon or Qi Diagnostics. 

Accordingly, Avalon and Qi Diagnostics may not enter into such a definitive agreement during the Exclusivity Period or at all.

Price Action: ALBT stock is up 1.38% to $0.205 during the premarket session at the last check on Friday.

Read Next:

Just After Pfizer’s RSV Vaccine Approval For Younger Adults, GSK Layouts Encouraging Preliminary Data Showing Potential For Use In Larger Population