Gemina Laboratories Ltd. announced that it has entered into agreement with International Point of Care, Inc, for the manufacturing of its Legio XTM COVID-19 Rapid Antigen Test . The signed include both a Manufacturing and Supply Agreement and a License Agreement setting out the terms upon which IPOC will manufacture the Legio XTM Test in Canada to satisfy demand from distributors in CE Mark eligible jurisdictions. The agreements entered into build on the successful partnership between IPOC and Gemina that commenced in 2021.

To date, IPOC has provided contract services to Gemina throughout the transfer to manufacturing phase of the Legio XTM Test's development, which were necessary precursors to the granting of the Test's CE Mark and its commercial product launch. In a strong show of confidence in the Legio XTM Test, IPOC has offered to defer $500,000 of invoicing costs, covering the final stages of product validation. The $500,000 deferral may be repaid to IPOC from Gemina's share of product revenues.

Alternatively, IPOC has the ability to convert any outstanding portion of the $500,000 into common shares of Gemina at a conversion price of $0.60 per share.