Victory Square Health
Belo Horizonte, BR · Founded 2016 · 7 employees on LinkedIn · 1 known investors
Safetest develops, produces, and sells rapid lateral-flow diagnostic test kits for detecting human diseases through isolation of specific antigens, and offers R&D, antigen/antibody conjugation services, training, and technical support. It positions itself as a Brazilian company making fully domestically produced rapid diagnostic tests for researchers, companies, and healthcare applications.
Also known as Safetest · Safetest Comércio de Diagnósticos · Victory Square Health Inc. · VS Health
Investors · 1
Company profile
researched Aug 2026Victory Square Health Inc. (VS Health) is a health venture of Vancouver-based Victory Square Technologies Inc. (CSE:VST; OTC:VSQTF; FWB:6F6), founded in 2016 to advance personalized medicine and technology, including diagnostic tests intended to support patient care and improve health outcomes. It was created as the parent's venture arm for companies developing personalized health technologies, initially concentrating on the management and prevention of diabetes. In June 2020 VS Health acquired the assets and intellectual property of Brazilian diagnostics company Safetest Comércio de Diagnósticos Ltd., adding a rapid COVID-19 antibody test and a broader diagnostics pipeline.
The flagship product, Safetest-Covid19, is a rapid serological lateral-flow style test detecting IgG and IgM antibodies against SARS-CoV-2 from a fingerprick drop of blood, with results in 5 to 15 minutes; the company also markets a Safetest ELISA antibody test run in a laboratory. The product line is positioned to indicate whether a person is currently infected, was previously infected, or has never been infected. Safetest's first product was a Leishmaniasis rapid test developed in partnership with the Federal University of Minas Gerais (UFMG), and the company has an R&D pipeline of diagnostic kits for Hansen's disease, brucellosis, HTLV and blood-sample screening.
Felipe Peixoto, co-founder and CEO of Safetest, is identified as CEO of Victory Square Health; Shafin Diamond Tejani is CEO of parent Victory Square Technologies. Victory Square Health also worked with sister portfolio company Hydreight to expand telehealth product offerings in Brazil in 2021.
Founding story
Victory Square Technologies established Victory Square Health in 2016 (publicly announced as a new venture in July 2017) to pursue personalized medicine and diagnostic technology, drawing on relationships with industry experts including Dr. Bruce McManus, Dr. Pieter Cullis and endocrinologist Dr. Tom Elliott, and institutions such as the University of British Columbia, Simon Fraser University and BC Diabetes. Safetest, also founded in 2016, was started to bring rapid tests to market and was co-founded by Felipe Peixoto.
Business model
The company develops, manufactures through contract suppliers, and sells diagnostic test kits, pursuing regulatory clearances market by market and then setting up local supply, manufacturing and distribution partnerships for sales in approved jurisdictions. It sits within Victory Square Technologies' portfolio model, in which the parent supplies capital, senior leadership and commercialization support to its ventures.
Revenue derives from sales of diagnostic test kits, including bulk orders placed by distributors and medical companies, such as an order for 2 million Safetest Covid-19 units in Brazil and a sales and distribution contract for an initial 3.7 million rapid tests.
Traction
By September 2020 the company reported an order for 2 million Safetest Covid-19 units in Brazil, CE designation from the Belgian competent authority for the Safetest ELISA antibody test covering the 27 EU countries, Brazilian ANVISA approval for the ELISA antibody test (received September 8, 2020) for Brazil and Mercosur export, US permission to market the ELISA antibody test under EUA, first approval in the São Paulo State Government's Ideiagov program, and an increase in monthly rapid test production capacity by an additional 5 million kits. In December 2020 it announced a sales and distribution contract with a Brazilian company for an initial order of 3.7 million rapid tests, and on January 11, 2021 it received ANVISA approval for the 15-minute rapid test, which the company said would let it fulfill its order backlog.
Latest developments
Victory Square Technologies' May 31, 2021 corporate update lists Hydreight teaming up with Victory Square Health to expand telehealth product offerings in Brazil (announced March 2021). Earlier, on January 11, 2021, ANVISA approved the Safetest 15-minute Covid-19 rapid test for marketing, sale and distribution in Brazil, which the company said enabled it to fulfill its existing order backlog.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
VS Health is one of roughly 20 companies in the Victory Square Technologies portfolio and operates in COVID-19 serological testing with regulatory clearances in Brazil and the European Union plus US emergency-use marketing permission, targeting Brazil and Mercosur markets in particular.
The company cites the use of synthetic, laboratory-created protein-based viral particles instead of conventional antigens, low cost and speed (results in 5 to 15 minutes), portability for distribution and use, and reported accuracy figures, alongside more than 20 years of team experience in diagnostics.
Technology
Safetest-Covid19 is a rapid serological assay detecting IgG and IgM antibodies against SARS-CoV-2 from a drop of capillary blood, performed similarly to a glucose measurement test. Its stated distinguishing feature is the use of laboratory-created, protein-based synthetic viral particles rather than the antigens used in traditional processes, which the company says allows recognition of multiple molecular parts. The company also offers an ELISA-format antibody test with an approximately three-hour turnaround. The main supplier holds Good Manufacturing Practice certificates from the Brazilian Ministry of Health.
Go-to-market
The strategy is to secure regulatory approvals (ANVISA in Brazil, FDA emergency use authorization in the US, CE marking in the EU, Health Canada) and then activate manufacturing and distribution channels with partners in each approved jurisdiction. Announced channels include a strategic partnership with Molkom Pharmaceuticals for Brazil and Mercosur export, a distribution contract with a Brazilian medical company, and participation in the São Paulo State Government's Ideiagov program.
Health authorities and governments, distributors and medical companies, and employers or institutions requiring testing programs, including retail, hospitality, manufacturing, pharmaceutical, correctional facilities, casinos, sport, policing, first responders, border services, education, transportation, military and government sectors.
Geography
Headquartered in Vancouver, British Columbia, with the Safetest operations and primary commercial focus in Brazil, export rights to Mercosur countries (Argentina, Paraguay, Uruguay, Venezuela), CE-based distribution across the European Union, and marketing in the United States under emergency use authorization. Talks for additional manufacturing capacity were reported with partners in North America, Europe and India.
History
Founded in 2016 and announced publicly in July 2017 as Victory Square's venture arm for personalized health, initially focused on diabetes management and prevention. On June 10, 2020 it announced the all-stock acquisition of the assets and intellectual property of Safetest Comércio de Diagnósticos for CAD 4,000,000, with Victory Square Health holding 20% of the combined entity. Through the second half of 2020 the company accumulated regulatory clearances and orders in Brazil, the EU and the US, followed by Brazilian ANVISA approval of the 15-minute rapid test in January 2021. In 2021 it teamed with Victory Square portfolio company Hydreight to expand telehealth offerings in Brazil.
Risks & controversies
Company releases carry a disclaimer stating it makes no express or implied claim that its product can eliminate, cure or contain COVID-19, and commercialization was contingent on regulatory approvals in each jurisdiction. Reported accuracy figures changed across releases, from preliminary validation results of 100% sensitivity and 99.5% specificity in June 2020 to 93.3% sensitivity and 98.7% specificity demonstrated to authorities in September 2020 and 96.6% sensitivity for the rapid test in January 2021. A September 22, 2020 release was issued as a correction to a prior-day press release regarding the size of a Brazilian order.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 10
launches, deals, and filingsVictory Square portfolio company Hydreight partnered with Victory Square Health to expand telehealth product offerings in Brazil.
ANVISA granted approval to commence marketing, sales and distribution of the Safetest 15 Minute Covid-19 rapid test assay detecting IgG and IgM antibodies against SARS-CoV-2 in Brazil.
The company announced a sales and distribution contract with a Brazilian medical company for an initial order of 3.7 million Covid-19 rapid tests for Brazil, subject to ANVISA approval.
Partnership to sell and distribute Safetest Covid-19 Rapid and other tests in Brazil and for export to Mercosur countries (Argentina, Paraguay, Uruguay and Venezuela).
VS Health announced it had received an order for 2,000,000 units of the Safetest Covid-19 test in Brazil, and reported increasing monthly rapid test production by an additional 5,000,000 kits.
Brazilian regulator ANVISA approved the Safetest ELISA antibody test for distribution, sale and use in Brazil and export to Mercosur countries.
VS Health received CE designation from the EU competent authority of Belgium for the Safetest ELISA antibody test for distribution, sale and usage across the 27 EU countries.
The company reported receiving permission to commence marketing, sales and distribution of the Safetest Covid-19 Antibody ELISA test in the US under Emergency Use Authorization.
All-stock transaction to acquire the assets and intellectual property of Brazilian diagnostics company Safetest Comércio de Diagnósticos Ltd. for CAD 4,000,000 in VS Health common shares, with Victory Square Health owning 20% of the combined entity.
Victory Square Technologies announced the creation of Victory Square Health Inc. as a venture arm for personalized health technology companies, with an initial focus on diabetes management and prevention.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Victory Square Health - Victory Square Technologiesvictorysquare.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Victory Square Health do?
- Victory Square Health develops and commercializes rapid antibody-based diagnostic tests, including the Safetest Covid-19 test line.
- Who are Victory Square Health's investors?
- Victory Square Health's investors include Victory Square Technologies.
- Where is Victory Square Health headquartered?
- Victory Square Health is headquartered in Belo Horizonte, BR.