{"id":711998,"date":"2022-11-15T10:49:40","date_gmt":"2022-11-15T15:49:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/virusight-and-technogenetics-to-expand-collaboration-for-global-deployment-of-innovative-spectral-based-pathogens-diagnosis\/"},"modified":"2022-11-15T10:49:40","modified_gmt":"2022-11-15T15:49:40","slug":"virusight-and-technogenetics-to-expand-collaboration-for-global-deployment-of-innovative-spectral-based-pathogens-diagnosis","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/virusight-and-technogenetics-to-expand-collaboration-for-global-deployment-of-innovative-spectral-based-pathogens-diagnosis\/","title":{"rendered":"Virusight and Technogenetics to Expand Collaboration for Global Deployment of Innovative Spectral-Based Pathogens Diagnosis"},"content":{"rendered":"

\nFollowing the COVID-19 development success, the parties have signed a Memorandum of Understanding for a joint effort to develop new immediate tests for various health use cases
\n<\/h2>\n
\n

D\u00dcSSELDORF, Germany, Nov. 15, 2022 (GLOBE NEWSWIRE) — Virusight Diagnostic (a joint venture subsidiary of Newsight Imaging Ltd.) and Technogenetics today signed a Memorandum of Understanding to expand their collaboration for worldwide commercialization of the 20-second COVID-19 diagnosis solution and to develop additional diagnostic applications utilizing the technology.<\/p>\n

Earlier this year, the companies launched a joint COVID-19 test solution based on AI-empowered spectral technology combined with a designated reagent, providing reliable rapid results. The full solution consists of Virusight’s cloud-based AI software, SpectraLIT (a portable spectrophotometer), and Technogenetics testing kit containing the reagent and consumables.<\/p>\n

The TGS Velox Ag COVID-19 POCT SALIVA is a colorimetric assay based on plasmonic resonance allowing the interaction of colloidal gold nanoparticles induced by the presence of SARS-CoV-2 for the qualitative determination of antigens and\/or virus particles (virions) in oral swab samples in subjects with clinical and\/or epidemiological suspicion. The TGS Velox Ag is a registered trademark, and its technology has been patented.<\/p>\n

Following a successful clinical trial conducted in Italy, the 20-second spectral test for COVID-19 showed results of 96.3% accuracy when compared to the gold standard RT-PCR. The test is now in the process of global deployment.<\/p>\n

\u201cThis novel diagnostic platform is a unique combination of a specific tailored biomolecular patented reagent that binds directly to the virus, measured by a high-resolution spectrophotometer device,\u201d said Dr. Salvatore Cincotti, Chief Executive Officer of Technogenetics. \u201cThe data is immediately analyzed using AI and ML in a cloud-based digital healthcare platform that can retrieve results anywhere. The outstanding results of the clinical trial show the feasibility and innovation of combining these technologies as a diagnostic platform. This scientific breakthrough led to enhanced engagement between our companies to expand the scope to other potential diagnostic applications, such as HPV, HIV, urine analysis, biomarkers for early cancer detection, and more.\u201d<\/p>\n

Eli Assoolin, Chairman of Virusight Diagnostic, added, \u201cWe are excited to collaborate with Technogenetics on this groundbreaking solution that can change the world and save lives. The solution is scalable and can be easily implemented in any environment, resulting in faster treatment and better patient health outcomes. We started with COVID-19, and we are planning to expand into the offices of every doctor, testing for multiple health use cases in seconds.\u201d<\/p>\n

The Global In-Vitro Diagnostics (IVD) Market is projected to grow from $71.43 billion in 2022 to $107.42 billion by 2029, at a CAGR of 6.0% in the forecast period 1<\/sup>. The growth of the global IVD market can be attributed to the high prevalence of chronic and infectious diseases, the largest application segment in the market, creating demand for new IVD products. The shift from traditional diagnostics methods to advanced technologies is also a key factor driving the market growth.<\/p>\n

Virusight recently started early deployment in Hong Kong through its local partner AI InnoBio Ltd. <\/p>\n

The system will be demonstrated at MEDICA international trade fair in D\u00fcsseldorf, Germany, at Hall 1, Stand B45.<\/p>\n

\n About Virusight Diagnostic<\/strong>\n <\/p>\n

Virusight (www.virusight.co.il<\/a>) is a joint venture between the ARC Center for Digital Innovation at Sheba Medical Center, Israel\u2019s largest hospital, and Newsight Imaging, developer of advanced CMOS image sensor chips. Virusight has developed an AI-powered digital Healthcare platform that enables affordable, ultra-fast diagnostic testing solutions that provide highly accurate results in less than 20 seconds.<\/p>\n

\n The solution has obtained the CE Mark. It also has a regulatory pipeline of approvals in process together with significant interest from potential partners across numerous markets including the UK, LATAM and Asia Pacific. <\/span>\n <\/p>\n

\n About Techno<\/strong>
\n g<\/strong>
\n enetics<\/strong>\n <\/p>\n

Technogenetics (www.technogenetics.it<\/a>) is an Italian company active in the field of immunodiagnostics and molecular genetics for almost 40 years, meeting the diagnostic needs of public and private test laboratories. Alongside these two historical business lines, Technogenetics, in the past two years, has studied and developed innovative solutions to respond to health emergencies and be at the side of its customers by entering in two additional markets, POCT (point of care testing) and molecular biology. The two research poles, one in Lodi, in Northern Italy, and the other one in Morra De Sanctis (Av), in Southern Italy, are two centres of excellence in the diagnostics field. The R&D department is the real strength of this long-established IVD company: thanks to the expertise of its flexible and dynamic team, Technogenetics develop innovative solutions and products that meet the highest quality standards that lead to improved health outcomes. The success of Technogenetics lies in being a lean organization and in its promptness to anticipate the market request. Through international partnerships and its own sales force, Technogenetics is well-known and appreciated in the industry for its attention to customers\u2019 needs and ability to offer innovative solutions and leading-edge technologies.<\/p>\n

\n About Newsight Imaging<\/strong>\n <\/p>\n

Newsight Imaging (www.nstimg.com<\/a>) develops advanced CMOS image sensor chips for 3D machine vision and spectral analysis. Newsight\u2019s depth camera sensors for machine vision serve verticals such as Mobile & Metaverse, Robotics, Industry 4.0, Automotive Safety, etc. The company recently launched its one-of-a-kind solid-state LiDAR reference design, the eTOF\u2122 LiDAR, based on the NSI1000 sensor. In addition, Newsight has developed its spectral chip backed by AI technology that has multiple uses in rapid pathogen detection and in continuous, condition-based monitoring of fluid flows, including water quality. Newsight\u2019s Virusight subsidiary\u2019s SpectraLIT\u00ae offers a unique and affordable solution for remote healthcare, real time diagnosis, and quality inspection solutions for water, food & beverage, etc., including COVID detection in <20 seconds with over 96% accuracy. Newsight\u2019s Watersight subsidiary\u2019s AquaRing provides real-time, AI-based monitoring of flow systems or processes, including installations for water quality monitoring, The Company has US and EU patents and has received multiple grants by the Israeli Innovation Authority. For more information visit www.newsight.com<\/a>.<\/p>\n

On August 30, 2022, Newsight Imaging announced that it has entered into a definitive agreement to become publicly listed through a merger transaction with Vision Sensing Acquisition Corp. (Nasdaq: VSAC), a publicly traded special purpose acquisition company. The transaction is expected to close as early as the fourth quarter of 2022, at which point the combined company\u2019s common stock is expected to trade on the Nasdaq Capital Market under the ticker symbol \u201cNSIM\u201d.<\/p>\n

\n About Vision Sensing <\/strong>
\n Acquisition<\/strong>
\n Corp.<\/strong>\n <\/p>\n

Vision Sensing Acquisition Corp. (\u201cVSAC\u201d) is a Special Purpose Acquisition Company (\u201cSPAC\u201d) that has been established to focus on the acquisition of vision sensing technologies (\u201cVST\u201d) including hardware solutions (chips \/ modules \/ systems), related application software, artificial intelligence and other peripheral technologies that assist to integrate and\/or supplement VST applications. For more information visit www.vision-sensing.com<\/a>.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

This press release is provided for informational purposes only and contains information with respect to a proposed business combination (the \u201cProposed Business Combination\u201d) among VSAC and Newsight. No representations or warranties, express or implied are given in, or in respect of, this press release. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Newsight or the Proposed Business Combination.<\/p>\n

This press release includes a summary set of risk factors that may have a material impact in connection with the Proposed Business Combination or Newsight. These are not intended to capture all the risks to which the Proposed Business Combination or Newsight is subject or may be subject, and we encourage investors to review the risk factors set forth in the Registration Statement (as defined below), when available. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither VSAC nor Newsight presently know or that VSAC and Newsight currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect VSAC\u2019s and Newsight\u2019s expectations, plans or forecasts of future events and views as of the date of this press release. VSAC and Newsight anticipate that subsequent events and developments will cause VSAC\u2019s and Newsight\u2019s assessments to change. However, while VSAC and Newsight may elect to update these forward-looking statements at some point in the future, VSAC and Newsight specifically disclaim any obligation to do so. To the fullest extent permitted by law in no circumstances will Newsight, VSAC or any of their respective subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. These forward-looking statements should not be relied upon as representing VSAC\u2019s and Newsight\u2019s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Any financial information and data contained in this press release is unaudited and may not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d). Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, the Registration Statement (as defined below) to be filed by Newsight with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d).<\/p>\n

This press release contains \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. VSAC\u2019s and Newsight\u2019s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as \u201cexpect,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cbudget,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cbelieves,\u201d \u201cpredicts,\u201d \u201cpotential,\u201d \u201cmight\u201d and \u201ccontinues,\u201d and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, VSAC\u2019s and Newsight\u2019s expectations with respect to future performance and anticipated financial impacts of the transactions (the \u201cTransactions\u201d) contemplated by the Business Combination Agreement dated August 30, 0222 by and among Newsight, Newsight Merger Sub inc. and VSAC attached as Exhibit 2.1 to the Current Report on Form 8-K dated August 30, 2022 of VSAC filed with the SEC on September 6, 2022 (the \u201cBusiness Combination Agreement\u201d), the satisfaction of the closing conditions to the Transactions and the timing of the completion of the Transactions. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of VSAC or Newsight and are difficult to predict. Factors that may cause such differences include but are not limited to: (i) the expected timing and likelihood of completion of the Transactions, including the risk that the Transactions may not close due to one or more closing conditions to the Transactions in the definitive Business Combination Agreement not being satisfied or waived on a timely basis or otherwise, or that the required approval of the Business Combination Agreement and related matters by the shareholders of Newsight and VSAC are not obtained; (ii) VSAC\u2019s failure to retain sufficient cash in its trust account or find replacement financing in order to meet the minimum cash condition in the Business Combination Agreement; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (iv) the ability of Newsight to meet Nasdaq listing standards following the Transactions and in connection with the consummation thereof; (v) costs related to the proposed Transactions; (vi) the occurrence of a material adverse change with respect to the financial position, performance, operations or prospects of Newsight or VSAC; (vii) the disruption of Newsight management time from ongoing business operations due to the proposed Transactions; (viii) announcements relating to the Transactions having an adverse effect on the market price of VSAC\u2019s securities; (ix) failure to realize the anticipated benefits of the Proposed Business Combination or risk relating to the uncertainty of any prospective financial information of Newsight; (x) the effect of the Transactions and the announcement thereof on the ability of Newsight to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers and on its operating results and businesses generally; (xi) the failure of Newsight to meet projected development and production targets; (xii) changes in applicable laws or regulations, including laws and regulations affecting the market for Newsight\u2019s products; (xiii) the possibility that the combined company may be adversely affected by other economic, business, and\/or competitive factors, or the continuing effects of the COVID-19 pandemic, the worsening thereof or other future pandemics; (xiv) fluctuations or effects on Newsight\u2019s ability to implement its business strategy, maintain or grow customers or distributors or the price, availability and quality of raw materials and contracted products as well as currency fluctuations, and (xv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by VSAC, including VSAC\u2019s Form 10-K for the year ended December 31, 2021 as filed with the SEC on March 31, 2022 (the \u201c10-K\u201d), and its Form 10-Q, as filed with the SEC on August 12, 2022 (the \u201c10-Q\u201d), or that Newsight intends to file with the SEC, including in the Registration Statement. The foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. There may be additional risks that neither VSAC nor Newsight presently know, or that VSAC and Newsight currently believe are immaterial, that could cause actual results to differ from those contained in the forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. VSAC and Newsight undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.<\/p>\n

\n Additional Information About the Proposed Business Combination and Where <\/strong>
\n to<\/strong>
\n Find It <\/strong>\n <\/p>\n

In connection with the Proposed Business Combination, Newsight intends to file relevant materials with the SEC, including a Registration Statement on Form F-4, which will include a proxy statement\/prospectus of VSAC, and a prospectus for the registration of Newsight securities in connection with the Proposed Business Combination (the \u201cRegistration Statement\u201d). The parties urge its investors, shareholders, and other interested persons to read, when available, the preliminary proxy statement\/prospectus and definitive proxy statement\/prospectus, in each case when filed with the SEC and documents incorporated by reference therein because these documents will contain important information about VSAC, Newsight and the Proposed Business Combination. After the Registration Statement is declared effective by the SEC, the definitive proxy statement\/prospectus and other relevant documents will be mailed to the shareholders of VSAC as of the record date in the future to be established for voting on the Proposed Business Combination and will contain important information about the Proposed Business Combination and related matters. Shareholders of VSAC and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents in connection with VSAC\u2019s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the Proposed Business Combination, because they will contain important information about VSAC, Newsight and the Proposed Business Combination. Shareholders and other interested persons will also be able to obtain copies of the preliminary proxy statement\/prospectus, the definitive proxy statement\/prospectus, and other relevant materials in connection with the Proposed Business Combination, without charge, once available, at the SEC\u2019s website at www.sec.gov or by directing a request to: VSAC Acquisition Corp., Attention: Garry Stein, telephone: +852 9858 0029. The information contained on, or that may be accessed through, the websites referenced in this press release in each case is not incorporated by reference into, and is not a part of, this press release.<\/p>\n

\n Participants in the Solicitation<\/strong>\n <\/p>\n

VSAC, Newsight and their respective directors and executive officers may be deemed participants in the solicitation of proxies from VSAC\u2019s shareholders in connection with the Proposed Business Combination. VSAC\u2019s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of VSAC in VSAC\u2019s final prospectus filed with the SEC on November 3, 2021 in connection with VSAC\u2019s initial public offering or in VSAC\u2019s Form 10-K or its Form 10-Q. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to VSAC\u2019s shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement\/prospectus for the Proposed Business Combination, accompanying the Registration Statement that Newsight intends to file with the SEC. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Business Combination will likewise be included in that Registration Statement. You may obtain free copies of these documents as described above.<\/p>\n

\n Non-Solicitation<\/strong>\n <\/p>\n

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.<\/p>\n

Any questions please contact<\/p>\n

\n Investor Relations Contact:<\/strong>
\n
Chris Tyson
MZ North America
VSAC@mzgroup.us<\/a>
949-491-8235<\/p>\n

\n Virusight Diagnostic<\/strong>
\n Contact<\/strong>
\n
\n info@virusight.co.il<\/a>\n <\/p>\n

\n Techno<\/strong>
\n g<\/strong>
\n enetics Contact<\/strong>
\n
\n marketing@technogenetics.it<\/a>\n <\/p>\n

\n Newsight Imaging Contact:<\/strong>
\n
\n info@newsight.com<\/a>\n <\/p>\n

____________________________<\/p>\n

\n 1<\/sup>
\n https:\/\/www.mordorintelligence.com\/industry-reports\/in-vitro-diagnostics-market<\/a>\n <\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Following the COVID-19 development success, the parties have signed a Memorandum of Understanding for a joint effort to develop new immediate tests for various health use cases D\u00dcSSELDORF, Germany, Nov. 15, 2022 (GLOBE NEWSWIRE) — Virusight Diagnostic (a joint venture subsidiary of Newsight Imaging Ltd.) and Technogenetics today signed a Memorandum of Understanding to expand their collaboration for worldwide commercialization of the 20-second COVID-19 diagnosis solution and to develop additional diagnostic applications utilizing the technology. Earlier this year, the companies launched a joint COVID-19 test solution based on AI-empowered spectral technology combined with a designated reagent, providing reliable rapid results. The full solution consists of Virusight’s cloud-based AI software, SpectraLIT (a portable spectrophotometer), and Technogenetics testing kit containing the reagent … <\/p>\n

Continue reading “Virusight and Technogenetics to Expand Collaboration for Global Deployment of Innovative Spectral-Based Pathogens Diagnosis”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-711998","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVirusight and Technogenetics to Expand Collaboration for Global Deployment of Innovative Spectral-Based Pathogens Diagnosis - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/virusight-and-technogenetics-to-expand-collaboration-for-global-deployment-of-innovative-spectral-based-pathogens-diagnosis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virusight and Technogenetics to Expand Collaboration for Global Deployment of Innovative Spectral-Based Pathogens Diagnosis - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Following the COVID-19 development success, the parties have signed a Memorandum of Understanding for a joint effort to develop new immediate tests for various health use cases D\u00dcSSELDORF, Germany, Nov. 15, 2022 (GLOBE NEWSWIRE) — Virusight Diagnostic (a joint venture subsidiary of Newsight Imaging Ltd.) and Technogenetics today signed a Memorandum of Understanding to expand their collaboration for worldwide commercialization of the 20-second COVID-19 diagnosis solution and to develop additional diagnostic applications utilizing the technology. Earlier this year, the companies launched a joint COVID-19 test solution based on AI-empowered spectral technology combined with a designated reagent, providing reliable rapid results. 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