This IS a pre-IPO opportunity: Raising A$7M at a pre money valuation of A$19M.
Inventive Health has teamed up with Virusight, an Israeli medical diagnostic solutions company to deliver a world first point-of-care test that provides on-site analysis and results within seconds for a COVID-19 test and thereby reduces future outbreaks.
Sydney-based Inventive Health, a provider of ultra-rapid pathogen testing technology, is entering into a definitive merger agreement with Israeli-based Virusight Diagnostic, a world-leader in artificial intelligence software using spectral technology.
Valued at A$111M, the combined company will be Virusight Diagnostic, which emerged from Sheba Medical Centre’s ARC Innovation Centre that has been at the forefront of technological development during the Covid-19 pandemic.
Its flagship product, SpectraLIT™, is a revolutionary low-cost point-of-care testing solution, powered by AI and able to detect SARS-CoV-2 (COVID-19) within seconds using either a non-invasive mouthwash or nasal swabs and can integrate with track and trace systems.
Vaccines are only part of the solution to addressing the COVID crisis. While they prevent serious illness, recipients can still spread and contract the virus. Testing will continue to play a vital role in maintaining the health of the global population and economies.
Australian taxpayers are spending hundreds of millions of dollars on COVID-19 testing. Globally the cost of testing has reached a multiple of this. SpectraLIT™ opens up new options for highly-reliable on-the-spot ultra-rapid testing at a fraction of the cost of alternative methods, such as PCR and Lateral Flow Antigen Tests.
A global solution, SpectraLIT™ is being piloted in over 40 markets worldwide. TGA, MHRA and FDA registration is already underway in addition to CE approval which is already in place for Europe.
In the near future, it will be possible to adapt SpectraLIT™ to detect other pathogens including HPV, HIV, Ebola, MERS and tropical viruses, such as Zika and Malaria, as well as bacterial disease
- SpectraLIT™ is a low-cost point-of-care testing solution that is powered by AI
- SARS-CoV-2 can be accurately detected within seconds
- Uses either non-invasive mouthwash or nasopharyngeal swab samples
- Helps countries safely resume normal day-to-day activities and restore economies
- CE-IVD certified with MHRA, TGA, FDA and other regulatory approvals in progress
- Pilots conducted in over 40 countries
- Interest from government, pharmacy, education, travel, sports, and hospitality sectors
- Technology to be used for other pathogens