Relay Medical Corp (OTCMKTS:RYMDF) Stock In Under Selling Pressure: Here is Why
Relay Medical Corp (OTCMKTS:RYMDF) stock was in focus as the stock ended lower on Wednesday. The stock has soared 60% over the past 6-month.
Market Action
In the previous trading session, RYMDF slid 3.70% to $0.1926. A total of 256k shares traded for the session hands, well above its average volume of 16K shares. The stock opened at $0.2017 and moved in a range of $0.1900 – 0.2063.
Key Trigger
September 21, 2021 – Relay & Fio Announce Execution of Definitive Agreement for Malaria Deployment
Relay Medical Corp reported on the signing of a definitive agreement and provide an update on the deployment to combat the malaria epidemic in Rwanda, East Africa.
The Rwanda Ministry of Health signed a procurement agreement with FRR to deploy the Fionet Platform for decentralized malaria testing. Under the terms of the agreement, FRR will receive CAD $750,000, which has been already secured by the Ministry, to deploy the Fionet Platform for six months for use by 180 community-based healthcare workers. The six-month deployment is a pilot to evaluate a national scale up, which could then lead to a subsequent agreement to deploy Fionet for Rwanda’s 60,000 healthcare workers.
Malaria is a serious, sometimes fatal, disease spread by mosquitoes and caused by a parasite. It is contracted by over 200 million people per year, and kills over 400,000 people annually, of whom two-thirds are children under the age of five1. Nearly half of the world’s population lives in areas at risk of malaria transmission.
Key Quote:
“Rwanda is a fast-growing African leader in using innovative Information and Communications Technology (ICT) to bring rapid, high-quality, connected diagnostics to the community level everywhere. We are confident the Fionet Platform will serve Rwanda’s objective very well. COVID-19 continues to demonstrate that such an objective is just as important in developed countries,” said Dr. Michael Greenberg, CEO of FRR.
