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 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: 鈥淔or decades, we鈥檝e known that delay in diagnosis can cost a patient and doctor precious treatment time.
鈥淲e 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 鈥� and it has to be right now.鈥�
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By GlobalDataEarlier, the US Food and Drug Administration (FDA) granted emergency use authorisation (EUA) to the company鈥檚 rapid RT-PCR assay for detecting SARS-CoV-2.
Visby Medical founder and CEO Adam de la Zerda said: 鈥淔or 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.
鈥淓ffective diagnosis at the point of care is the first step to both ending this pandemic and fighting the next.鈥�
鈥淭he 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.鈥�
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.
