Set Jet provides first coronavirus indicator antibody test

Private jet charter company Set Jet provided the first coronavirus indicator test for workers and passengers to use before taking off on an aircraft. Set Jet Co-Founder and CEO Tom Smith joins Yahoo Finance’s On The Move panel to discuss how the company continues to mitigate the risk of coronavirus for their members and faculty.

Video Transcript

JULIE HYMAN: Now one of the industries that has been most hard hit by this pandemic has been travel and airlines. In particular, we've seen enormous demand destruction. We've seen enormous cancellation of flights.

There's one company, though, that is still flying on a regular basis. It's called Set Jet. And the co-founder and CEO is joining us now from Scottsville, Arizona-- Scottsdale, Arizona. That's Tom Smith.

Tom, you guys just launched this company in December. It is a private-flying company. How are you dealing with this? I know that you guys actually are doing testing that is related to folks being able to get on your planes. Walk me through the logistics of how that works.

TOM SMITH: Sure. So thank you for having me on this morning. And we just-- we did start just flying in December. We're a membership-based organization. So really, the flights are driven by our members. So they come in, and they will schedule when they want to go, and then we'll make the flights happen for them.

And as this whole epidemic started to expand, we saw what was happening overseas, and we got a great executive team that started looking at how are we going to mitigate the risks for our members when they're traveling with us. So we started looking into testing, and we were able to get a deal put together and get some antibody tests in ahead of time.

And so about two, three weeks ago we started doing testing of our members for the antibody testing, and we were doing it with our partner at the CORE Institute here locally. So we have medical professionals that are actually providing the test. They did the test studies for us, and they actually come and join us and then do the flight. So the members can find out through the CORE Institute and this antibody test whether they have had it in the past and now have an antibody for it or is it something that's active with them right now? So we also have extended, obviously, our cleaning and every other procedure we can to minimize the risks, but the testing was really a big one that our members really appreciate.

DAN HOWLEY: Tom, I got to ask you, you're using antibody tests. And I guess that, you know, would go a long way if the body had started to react and produce antibodies. But if you're in the early stages of the infection and your body hasn't reacted in such a way yet, how do you ensure that those people aren't getting on the flights when they may be symptomatic or in the stages where they can still spread this virus? And I guess what do you do when someone does test positive? Do you say that they can't fly?

TOM SMITH: Yeah, so great question. Number one, obviously we're telling everybody please adhere by the stay at home. We're trying to encourage them not to travel. It's only if they necessarily have to travel that they are there doing that.

So you're correct. It's not a perfect science. It's the best that we have available today. So it's kind of like your body for a pregnancy test, that you have to get to the point where your body actually has the antibodies showing up to be able to detect it. But it is what's available, and it's what we have.

So if they do do the testing, we are following the CDC guidelines, and then they deal with their medical professional who tells us. And if they tell the person that, hey, you're immune, you've had it in your past, they can still fly. But if the other antibody comes up-- because there's two that they test for-- then we do restrict them from traveling and ask them to leave.

So we also are looking at their temperature, making sure they feel well and those types of things. And again, we're relying on the medical professionals because we don't get access to that data. That's between them and the medical person doing the test. But we are being told if that one antibody is active or if they're not feeling well, they're not going to be allowed to travel on the plane.

ADAM SHAPIRO: Hey, it's Adam Shapiro, and wish you the best. I want your business to succeed. But I got to ask you, how did you get the tests, from whom did you get them, and why aren't you giving them to hospitals? Because right now we hear stories about doctors and medical people who can't take a test, yet they're on the front line of this crisis.

TOM SMITH: And great-- that's-- I'm glad you brought that up because we actually, through the CORE Institute-- who is a medical provider here locally-- we are giving them the tests to be able to do to the local people here in Arizona. So obviously our membership's a very, very small number. But through the relationship we have, they are coming from an FDA manufactured company that's-- a lot of them are being based out of China. And we're letting the providers-- the CORE Institute have access to test people that are not members of Set Jet and getting them access to it.

So in addition to what we're doing, the CORE Institute is offering the antibody testing as well. And we made that information available that anybody can email us and we will get them in touch with the CORE Institute in order to be able to get the test if they need it or want it.

RICK NEWMAN: Tom, Rick Newman here. I wonder if you can just give our audience some idea how much your service costs. It sounds like it's a privilege for wealthy people, but ordinary people who feel like they need to get to visit a family member or something like that probably can't take advantage of it.

TOM SMITH: Yeah, and you're absolutely right. Like private travel is extremely expensive, especially, you know, to a charter a jet, right? So one of the things that we did is it's a membership base. So it's $99 initial fee, and that allows us to do the background checks. And then it's a $99 a month membership.

So once you're a member, then you can book the flight, and it's about roughly a little over $400 each way. And we fly from the Phoenix area to Las Vegas and to Southern California. So example today-- we're flying out to Orange County. So it is something that's-- it's more similar to first-class pricing, but it's certainly a long way away from chartering a jet.

And so we actually have a lot of members that have their own private aircraft that they're using our service because it's cost effective, that you can do a round trip for basically $900 to Los Angeles and back or to San Diego and back or to Las Vegas and back.

And we have 13 to 15 seats on the flight where these are equivalent to a CRJ200. So instead of 60 or 70 people on the plane, it's only 13 to 15. So people are very spaced out inside the aircraft as well. So we do try to make sure that it's very reasonably priced compared to the other options on the private-jet side. But we're still giving you that five-star experience that's complete luxury, and you're flying out of a private terminal.

JULIE HYMAN: And you have the extra gear assurance of knowing the folks around you perhaps are not infected. Tom Smith is the Set Jet co-founder and CEO. Thank you, sir, for joining us.

TOM SMITH: Thank you very much. Appreciate it. Stay safe, everyone.

JULIE HYMAN: Thank you. You too.