Healthcare company invests in start-up set to shake up market for lateral flow tests
Cheshire healthcare company Everything Genetic has invested into a diagnostics technology start-up which has created the ‘next generation lateral flow tests.’
Paul Ko Ferrigno, CEO at éclateral, has pioneered the invention of the device which he says is set to ‘hack and digitise’ the $7bn global lateral flow diagnostics market.
He claims the innovative device minimises user error and at least doubles test sensitivity through digitally reporting COVID test results.
Expected to be in wide circulation across the UK by winter, the ‘cost effective’ digital readout tech can be retrofitted into more than 200 manufacturers’ existing lateral flow tests.
éclateral claims the new test-agnostic electronic measurement device also removes the risk of individuals mistakenly interpreting results or falsely claiming positive results when self-reporting.
Everything Genetic’s CEO James Price believes the investment into the tech has built upon the foundations of life-sciences advancements during the pandemic, and represents the next step in diagnostic testing.
“Currently, self-reporting of COVID testing through lateral flow devices is open to a multitude of problems,” he said.
“According to Government data, there are around three quarters of a million lateral flow tests being undertaken daily.
“Either through malpractice or simply mistakenly interpreting the result, just one in a hundred misread tests could result in 7,500 people potentially continuing to spread the virus among the population.
“If we’re to ease restrictions without further spikes of the virus, we’ll need more traceable and accurate reporting of where COVID is in circulation.
“That’s where these devices come into play. They digitise the process and have the potential to be used in homes across the country or in ports and airports – spotting emergent cases and variants before they even land on our shores.”
Everything Genetic has been working with over 200 corporate partners on Covid testing since the start of the pandemic and has processed more than 200,000 samples over the past 10 months.
For Price, the investment represents an overhaul of Everything Genetic’s business practices.
He added: “As a company, going from taking inward investment, to pushing out external investment in emergent tech such as this is a significant shift.
“Up until now, the company’s history was predominantly focused on genetic testing for cancers.
“Fitting the business’ long-term vision, we want to take that approach, combined with everything we’ve learnt during the pandemic, and apply it to other areas of diagnostics and healthcare.”