SINGAPORE: Q&M Dental Group (Singapore) Limited has inked a joint venture agreement with Dr Ong Siew Hwa, Ms Zeng WeiYi, and Acumen Holdings, for a 51% equity stake in JV company, Acumen Diagnostics Pte. Ltd. for a consideration of S$3.0 million.

Concurrent to the JV agreement, Acumen Diagnostics will acquire part of the business of Acumen Research Laboratories Pte. Ltd. (ARL) for an aggregate purchase consideration of S$400,000.

Additionally, through an option agreement, Dr Ong Siew Hwa has granted Acumen Diagnostics the right to purchase her 100% shareholding interest in ARL at any time within 18 months after 22 April 2020.

Acumen Diagnostics will be mainly involved in the manufacture, sale, and distribution of diagnostic test kits for viruses such as Covid-19, in Singapore and overseas. It is also in the midst of setting up a polymerase chain reaction (“PCR”)-based laboratory in Singapore to analyse test results.

Additionally, it has plans to conduct clinical trials, as well as manufacture, sell and distribute vaccines, for viruses such as Covid-19.

Other shareholders include Ms Zeng WeiYi, general manager of ARL, who will hold a 5.0% stake in Acumen Diagnostics. In addition, another 13.3% will be held by Acumen Holdings, an investment holdings company.

The remaining 30.7% will be held by Dr Ong Siew Hwa. Dr Ong, a leading biological scientist in Singapore, is the Founder and Chief Executive Officer of Acumen Research Laboratories Pte. Ltd. (ARL), a homegrown medical technology company founded in 2010 that is developing rapid PCR-based, culture-independent molecular diagnostics tests.

Said Dr Ng Chin Siau, Q & M’s Chief Executive Officer, “The rapid escalation of the COVID-19 pandemic has called for a stepped-up response from both the public and private sector. We believe it is important for Q & M to step in and help wherever we can, and through our joint venture, we hope to do so by ensuring the timely availability of good quality performing test kits. This is not just a business venture, but an opportunity to assist in providing an essential capability to Singapore in its continuous fight against Covid-19.”

Q & M has also indicated that it intends to work with various agencies to deploy its dentists in order to conduct Covid-19 tests as needed. The Group has purchased 20,000 Acu-Corona 2.0 % Tests for this purpose