Poland’s GeneMe secures €5.2M seed funding for its rapid COVID-19 test
The startup has developed and patented a universal protein (polymerase) for RT-LAMP testing, which allows the production of highly accurate, rapid, molecular genetic COVID tests. It has three molecular NAAT COVID-19 tests: FRANKD, SAVD, and ICED. FRANKD is CE IVD-approved and FDA EUA-applied, and its solution is already utilized in over twenty countries. FRANKD has been identified, through official research made by the Scottish government, as the most accurate, rapid COVID-19 test on the market. The FRANKD solution has already been used by Heathrow Airport, Virgin Atlantic and TV show Britain’s Got Talent.
Dawid Nidzworski, CEO of GeneMe said: “We’re interested not only in health issues, but also in genetic predispositions, such as talents, sports abilities, learning problems, or caffeine metabolism. In the future, everyone will be able to conduct genetic analysis at home.”
Robin Tombs, Co-Founder of Yoti said: “GeneMe’s innovative approach will be highly disruptive over coming years, enabling more regular testing at point of care at much lower cost.”
GeneMe is a spin-oout from The Institute of Biotechnology and Molecular Medicine (IBMM), an independent biomedical research institution.
Recently, the company announced a partnership with U.S.-based BIOLYPH, the world leader in lyophilization services, to scale up FRANKD and SAVD significantly.
GeneMe’s patented technology simplifies the entire testing procedure compared to standard laboratory-based RT-PCR tests. RT-LAMP tests are more effective, which means results can be trusted. GeneMe’s testing technology can also be assembled at point-of-care, which makes it possible to integrate highly accurate testing stations at places of work and in locations with high throughput, such as international borders.
The global COVID-19 diagnostics market size is estimated at $84.4B in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027 (Grand View Research).
Source: Technology – Tech Crunch