|1||This is will be the FIRST at-home COVID Antigen test.|
|2||Identifies an active COVID infection.|
|3||We have a working prototype.|
|4||Our Team! -Our team consists of 2 Ph.D. scientist founders and our 5 Active Advisers (all MD, PhDs, or MBA).|
|5||Incubators- YCombinator Online StartUp School Su18, Su19, and Su20 and John Hopkins Su18.|
I am extremely excited to be involved with such a dynamic company. My father died of pneumonia in 2007. His infection was very hard to diagnose. In fact they never found the actual bacteria. So this company and its directives speak personally to me. I am excited at the prospect of being able to speed up the process of diagnosis. The scientists and doctors at Quorum X are top- notch and are bringing their years of experience to the multiple projects being born from this incredible group.
What is an antigen? An antigen is a general term for a protein that is located on the outside of a virus. If the virus is present in your body, the antigen is present. Our test will screen for these antigens as a way to identify active infection.
We have a working prototype for the first at-home lateral flow test (fast and simple test) that is tailored to detect CoV-2 infections during the 2-12 day incubation period BEFORE the onset of symptoms. It is NOT screening for IgG or IgM.
The need for Antigen testing...as explained by Dr. Debrah Birx
Dr. Birx explains the need for an Antigen test at min 6.20 of this video.
Quorum X Diagnostics has financial statements ending May 7 2020. Our cash in hand is $4,000, as of May 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $2,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
We are building a rapid-take home test for COVID. It is a lateral flow test, "kinda" like a pregnancy test, but for COVID. It will identify COVID during the 2-12 day incubation period, BEFORE, or during the early onset of symptoms.
We want to have a line of take-home rapid diagnostics. Similar to the company Alere, a diagnostic company that made rapid take-home POC lateral flows. They were bought by Abbott for 5.3B.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Quorum X Diagnostics Inc. was incorporated in the State of Delaware in September 2017.
Since then, we have:
Historical Results of Operations
Our company was organized in September 2017 and has limited operations upon which prospective investors may base an evaluation of its performance.
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To-date, the company has been financed with $35,200 in debt, $19,500 in convertibles, and $3,000 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 4 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 4 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Quorum X Diagnostics Inc. cash in hand is $4,000, as of May 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $2,000/month, for an average burn rate of $2,000 per month. Our intent is to be profitable in 6 months. If needed, the founders of the Company can infuse capital to cover short-term expenses.
We officially halted working on are QXD-1 Fast Test for Pseudomonal Pneumonia Lateral Flow test on April 1, 2020 and started working on The QXD-3 COVID NOW test at-home lateral flow test for COVID-19.
Upon EUA approval which will be in about 4 months. We have a potential order of 20K tests, which at a wholesale price of $30 a test would be equal to $600,000.
We are still actively fundraising for angel investors and VC's outside of the Wefunder platform. Plus we are applying to a number of grants as well.
That we are unable to get the test appropriate sensitivity and specificity for EUA approval.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
The antibodies that we are using aren't stable enough to withstand high output manufacturing.
That we aren't able to achieve a high enough sensitivity due to variability with the mass populous completing their own nasal swabbing.
That FDA EUA does not approve the at-home COVID NOW test due to unforeseen or uncorrectable circumstances.
If there are any unforeseeable problems with the ability to patent this technology.
Already have a Wefunder account? Login
Don't have a Wefunder account? Signup