Third Quarter 2020 Report
October 21, 2020
Molecular (PCR) Equipment Installed to Aid in COVID-19 Testing, Significantly Expanding 20/20's Lab Capabilities
In response to continued demands for COVID-19 testing in our region, we added the capability to test for genetic material, including the novel coronavirus, in our CLIA licensed clinical laboratory. To augment our existing immunoassay analyzers used for cancer detection we purchased a full suite a full suite of high throughput PCR testing equipment.

Beginning in September we receive specimens from several Maryland nursing homes on a weekly basis.

Beyond viral testing, we plan to use this testing infrastructure to offer circulating tumor DNA (ctDNA) testing as an addition to our OneTest blood test for early cancer. Recent published studies have the value of combining DNA with protein biomarkers to aid in the early detection of many cancers.
Revenue Up 6-fold Year-to-Date; 3-fold in 3rd Quarter
20/20's 3rd Quarter revenue was about $311,000 (unaudited) for all products compared to $105,000 during the same period in 2019. Year to date revenues are approx. $1.8M vs. $288,330 for all last year. COVID-19 testing (viral and antibody) is largely responsible for sales growth this year.

We anticipate a strong 4th Quarter resulting largely from PCR testing and our distribution rights for the first COVID-19 antibody test authorized by FDA for sale at the point-of-care. See this product announcement here. Additionally sales on OneTest have increased in October.
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SeedInvest Crowdfunding Campaign Ending this Month. $3.1 Million raised to date.
In July our equity crowdfunding campaign moved to SeedInvest with over $3 million invested so far this year.

20/20's campaign page may be accessed here. Please consider an investment and share with your network today.

Join our SeedInvest hosted investor webinar next Tues. October 27, at 1:00 p.m. ET. CEO Jonathan Cohen will be discussing the new investment opportunity and answering questions live. Please register for the webinar using this link.
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Korean Medical AI Company Planning Cross-Selling Alliance with 20/20
On October 9 we entered a Memorandum of Understanding with JLK, Inc. a Korean company that, like 20/20, utilizes AI to improve disease diagnosis. JLK’s focus is on deep learning algorithms used with imaging devices (x-rays, ultrasound, MRI, CT) to diagnose diseases ranging from Alzheimer’s to aneurysms to prostate cancer.  Following their IPO to the Korean exchange KOSDAQ in December, JLK became the first AI medical company successfully go public in that nation.  The parties intend to cross-license each other’s product according to the following plan:

  • JLK will market 20/20’s OneTest machine learning algorithms through its cloud-based software-as-a-service portal to the estimated 2 to 3 million Koreans who have tumor biomarkers tested every year as part of health check-ups or screenings.
  • 20/20 will initially market in the U.S. two of JLK’s 30+ products that make up its AI Hub in the U.S.—chest x-ray image software and an algorithm to help detect thyroid cancer from ultrasound examination. 

The MOU also expresses JLK’s interest to make a “sizable” strategic investment in 20/20 (pre-IPO) as a part of JLKs growth strategy.  
Influential Fire Department Receives Federal Grant to Screen 1,500 Personnel Using OneTest
Fairfax County Fire Department, one of the most well regarded in the country due to its global disaster search & rescue deployments, has received a grant from FEMA's Assistance to Firefighters program to purchase 1,500 of 20/20's cancer tests for its members. This will represent our largest purchase to date from a single organization and the first funded by FEMA.

Information about OneTest for firefighters may be found at https://onetestforcancer.com/firefighters/
Jiming Zhou, Ph.D. Promoted to COO
Jiming Zhou, Ph.D., who started working with our company 14 months ago in the area of East Asia Business Development, has recently been named Chief Operating Officer (COO) of 20/20. Jiming, with extensive experience managing clinical lab operations handling infectious disease testing, has been managing the transition of 20/20's CLIA laboratory to COVID-19 testing. Dr. Zhou is expected to fill this role on an interim basis until he deploys to China next year to manage 20/20's planned subsidiary in that country.

Our previous Quarterly Reports and Press Releases may be downloaded here:
Financial Reports
In order to maintain our Reg. A+ Qualification we are required to file Annual and Semiannual Reports with the U.S. Securities & Exchange Commission (SEC) that include Financial Statements (the Annual Statement must be audited). Those reports may be accessed by entering "20/20 GeneSystems, Inc." at https://www.sec.gov/edgar/searchedgar/companysearch.html or by contacting our Chief Financial Officer Richard Brand at RBrand@2020gene.com
Regulation A Offering and Forward Looking Statements
20/20 GeneSystems is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from: https://www.seedinvest.com/2020.genesystems
A QUALIFIED OFFERING ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT.
THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.