Medtecs International, on Jan 14, signed a letter of intent (LOI) with Enimmune Corporation, where both companies seek to leverage on each other’s strengths to explore opportunities to market and promote Enimmune’s “Speedy Covid-19 Ag Rapid Test” in the Philippines.

Enimmune is a joint venture vaccine development and marketing company that is jointly established by Adimmune Corporation and other venture capital investors.

It began operations in the Philippines in 1989 and has since established a strong presence in the local market.

Adimmune Corporation is listed on the Taiwan Stock Exchange and is the only influenza vaccine manufacturer with both EU GMP and US FDA certification in Asia.

It is also the only PIC/S GMP manufacturer of human vaccines in Taiwan.

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Adimmune’s products include vaccines for several influenza strains including Influenza A (H1N1) and Japanese Encephalitis (JEV).

According to an SGX filing, the terms of the partnership between Medtecs and Enimmune are subject to definitive agreements to be entered into between both parties.

Medtecs says it will make further announcements in relation to the partnership.

The LOI is not expected to have any material impact on the consolidated earnings per share (EPS) and net tangible assets (NTA) of the group for the current financial year ending Dec 31.

Shares in Medtecs closed 2 cents lower or 1.8% down at $1.10 on Jan 14.