Avalon GloboCare (ALBT) said Friday it has signed a memorandum of understanding with Qi Diagnostics for a proposed co-development of a cannabis breathalyzer.
Financial details weren't disclosed.
Avalon said it has 120 days to discuss with Qi Diagnostics and sign a deal regarding the proposed partnership.
If the two parties reach an agreement within the given period, the partnership would focus on the initial prototype-enabling stage, involving research, data collection, software development, and drafting of the prototype design of a breathalyzer to detect cannabis, Avalon said.
Shares of Avalon were up 7.7% in recent Friday trading.
Price: 0.22, Change: +0.02, Percent Change: +7.72
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