Neopharma Technologies Announces Strategic Partnership to Distribute 5 Million Drug Tests with NEOVAULT® Technology
Neopharma Technologies is proud to announce that it has signed a Memorandum of Understanding (MOU) for a strategic partnership to deploy its groundbreaking NEOVAULT® technology, enabling the distribution of 5 million Point-of-Care (POC) drug tests in 2025. This collaboration marks a pivotal advancement in the field of next-generation drug and impairment testing, significantly elevating Neopharma Technologies’ market position and value.
The integration of NEOVAULT® technology will provide employers and third-party administrators with unmatched efficiency, reducing the current 4-7 day turnaround time for drug testing results to under one hour. This transformative capability allows employers to hire up to 96% of employees within the hour, offering substantial time and cost savings. The partnership addresses the critical challenges posed by the legalization of cannabis, ensuring employers can confidently identify impaired individuals while avoiding the unjust exclusion of employees who test positive for THC but are not impaired.
“This agreement positions Neopharma Technologies as a leader in the rapidly evolving drug and impairment testing industry,” said Nina M. French, CEO of Neopharma Technologies. “Our NEOVAULT® platform addresses the industry’s greatest challenges by combining speed, accuracy, and fairness, ensuring employers can make informed decisions that support both safety and compliance. This partnership underscores our commitment to delivering innovative solutions while strengthening the value of Neopharma Technologies.”
To support this monumental growth and the execution of its strategic roadmap, Neopharma Technologies is launching a Series A funding round to raise $5 million USD. This investment will fuel the expansion of NEOVAULT® - enabled solutions, accelerate market adoption, and support the company’s mission to redefine workplace safety and compliance.
The partnership is a significant milestone for Neopharma Technologies, paving the way for further growth, with plans to scale the distribution of over 100 million test kits by 2026. The NEOVAULT® platform is set to redefine the drug and impairment testing landscape, delivering measurable benefits to employers and transforming how workplace safety is managed.
About Neopharma Technologies
Neopharma Technologies is a leading innovator in next-generation drug and impairment testing, offering advanced solutions that enable employers and third-party administrators to make faster, more accurate hiring and safety decisions. With its NEOVAULT® platform, the company is committed to delivering reliable, real-time results while reducing costs and increasing efficiency.
Written by Shaun Meville - Executive Director Neopharma Technologies : December 2024