Item 1.01- Entry into a Material Definitive Agreement
On April 1, 2020 the Predictive Laboratories, Inc., a wholly owned subsidiary of
Predictive Technology Group, Inc., entered into an agreement captioned Exclusive
Distribution Services Agreement with Wellgistics, LLC. Under the terms of the
agreement (i) Wellgistics will act as Predictive's exclusive distributor of
Assurance AB Test (COVID-19 IgM/IgG Rapid Antibody Test), (ii) Wellgistics is
placing an initial purchase order for 1,000,000 tests, (iii) Wellgistics will
receive warrants to purchase 1,500,000 shares of Predictive Technology Group,
Inc.'s common stock at $.86 per share, and (iv) Predictive is to supply the
1,000,000 tests to Wellgistics as quickly as possible.
The Assurance AB test was developed to detect the presence of IgM and/or IgG
antibodies to the SARS-CoV-2 virus. The test requires only a finger stick to
sample a patient's blood which is then placed on the self-contained test device.
The test takes 15-minutes to display results. The test results indicate the
presence of antibodies associated with the SARS-CoV-2 virus.
The test is for use in clinics, hospitals and test sites (point-of-care) under
the Company's notification with the U.S. Food and Drug Administration (FDA). The
Company has filed two applications for Emergency Use Authorization (EUA) with
the FDA for point-of-care use and for in-home use. If the FDA approves the EUA
for in-home use the Company may make the test available for in-home use. The
self-contained test does not require a lab or laboratory equipment for results.
About Wellgistics:
Over the past few years, Wellgistics, LLC, has been one of the fastest growing
wholesale pharmaceutical distributor in the United States. It is a logistics
leader in the complex healthcare supply chain, but is about more than just
delivery. It focuses on both seeking out real-time information and remaining
operationally nimble, making it the leader in response time and flexibility to
dynamically changing industry needs. While focusing strongly on customer
communication, Wellgistics purchases healthcare products directly from
manufacturers only (or approved affiliates on some non-prescription products)
and delivers safely, securely and efficiently to thousands of pharmacies,
hospitals, long-term care facilities, clinics and other healthcare providers
across the country to help keep their shelves stocked with the medications and
products that patients need.
Wellgistics is licensed in all 50 states as a Pharmaceutical Wholesale
Distributor and is also licensed or permitted as Third-Party Logistics provider
in all states. Its distribution facility located in Lakeland, FL is VAWD†
accredited by the National Association of Boards of Pharmacy.
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Number Description
10.01 Exclusive Distribution Services Agreement, dated April 1, 2020, by and
between Predictive Laboratories, Inc. and Wellgistics, LLC. (Portions of
this exhibit have been omitted in accordance with SEC rules and
regulations).
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