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February 3, 2021

Visby Medical receives funding to develop flu-Covid-19 PCR test

The US Biomedical Advanced Research and Development Authority (BARDA) has awarded $12.3m to Visby Medical to accelerate the development of its rapid, single-use Flu-COVID PCR Test.

The US Biomedical Advanced Research and Development Authority (BARDA) has awarded $12.3m to Visby Medical to accelerate the development of its rapid, single-use Flu-COVID PCR Test.

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The latest development will help the company advance the next-generation device to detect flu and / or Covid-19 in one hand-held rapid PCR test for point-of-need use, and later, for at-home use as an over-the-counter test.

The test will offer rapid PCR testing in an all-in-one device that fits in the palm and requires no set-up time.

It can identify between Influenza A and B and SARS-CoV-2 and offers a fast sample-to-result time in less than 30 minutes.

Visby Medical chief medical officer Dr Gary Schoolnik said: “For decades, we’ve known that delay in diagnosis can cost a patient and doctor precious treatment time.

“We knew we had to change the order to diagnose first, before treatment. It’s not enough to have a test, the test has to be right — and it has to be right now.”

Earlier, the US Food and Drug Administration (FDA) granted emergency use authorisation (EUA) to the company’s rapid RT-PCR assay for detecting SARS-CoV-2.

Visby Medical founder and CEO Adam de la Zerda said: “For too long, our medical professionals have been fighting blind without access to rapid, accurate diagnostic testing at the point-of-care, forcing physicians to treat patients before seeing the test result.

“Effective diagnosis at the point of care is the first step to both ending this pandemic and fighting the next.”

“The good news is the investments being made into medical diagnostics should have a transformative effect long-term, and we are very pleased that BARDA recognised the importance of the Visby Medical platform technology in point-of-care and at-home settings.”

The company noted that the agreement with BARDA may be extended for a total of up to $48.7m over a course of 38 months.

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IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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