Until now, Point-of-Care diagnostic tests for infectious diseases such as rapid antigen tests (quick tests) used during the COVID-19 pandemic are low cost, easy to use but highly inaccurate. The counterpart technology is the PCR-based diagnostic tests, currently considered the gold standard in diagnostics, which are accurate yet expensive and require well-equipped centralized laboratories, where results often take up to several days before reaching the patient. As such, established diagnostic testing processes experience a trade-off between speed and accuracy.
Diagonal Bio’s point of care diagnostics platform, Panviral, breaks the trade-off between speed and accuracy in diagnostics. By combining molecular biology and electrochemistry, Diagonal Bio has successfully developed Panviral, a patented technology that eliminates the need for costly equipment and centralized laboratory testing, making fast and accurate point-of-care diagnostics a reality. Diagonal Bio’s solution makes quick and accurate diagnoses possible in a doctor’s office, during surgery, in a mobile clinic, at the bedside in a hospital, in a tent in West Africa, and even in commercial settings such as workplaces and airports.
For patients, a fast and accurate diagnosis means reduced levels of anxiety, faster and potentially lifesaving treatment, the avoidance of unnecessary complications, and a speedy recovery. With more than 70% of healthcare decisions driven by diagnostic testing, fast and accurate diagnoses give physicians greater control and the ability to make early and correct treatment decisions.
KEY CUSTOMERS AND INTERNATIONAL PRESENCE
The initial customers for Panviral could include private and infectious disease clinics as well as commercial customers such as airports and workplaces for the detection and prevention of infectious disease outbreaks. Panviral will be sold or leased to users with recurring revenues from the sale of consumables and reagents for the detection of specific infectious diseases.
Diagonal Bio plans to use third-party distributors which will allow quick upscaling and avoids the need to develop a costly sales and distribution network. They are currently in the process of identifying potential partners across the US, EU, and East Asia.
The team behind Diagonal Bio consists of Jack Egelund Madsen (CEO), Per Heander (CFO), and Andreas Nyberg (CSO). Jack Madsenhas a unique background that combines business and science. He holds a degree in Business Administration from Copenhagen Business School and a PhD in Biotechnology from the University of Copenhagen, andhas been working as an Associate Professor within gene discovery at Copenhagen University.
CFO Per Heander has +20 years of experience as an Investment Manager in venture capital, with extensive experience in the development of growth companies. CSO Andreas Nyberg has deep knowledge in diagnostics, inflammation, immunity, and cancer biology, extensive experience in medical technology, and played a key scientific role in Immunovia, a Lund-based startup with a focus on precision diagnostics in pancreatic cancer.
Unique selling point
Diagonal Bio’s Panviral technology was granted a patent by the European Patent Office. The patent can provide protection for Diagonal Bio’s core technology until 2041 and is essential for the continued commercialization of Panviral, and to ensure Diagonal Bio’s competitive advantage in relation to other actors on the market. Panviral is unlike any solution on the global market, and combines:
- Speed - Ultra-fast results
- High accuracy - In line with PCR-based - technologies
- Parallel testing – Multiple diseases in multiple patients at once
- Flexibility – Multiple panels for related pathogen groups
- Ease-of-use – Quick and swift handling
- Small footprint – Easy integration at the point-of-care
- Cost-efficiency – World-leading low cost per test reaction
Diagonal Bio is looking to enhance their international business operations and is exploring market entry in East Asia. They have already entered an agreement with a Japanese supplier, and are interested in developing partnerships for e.g. joint ventures to enter markets in East Asia, collaboration with KOLs to spread awareness of their diagnostics platform, as well as possible license agreements in segments that are not the primary focus of Diagonal.
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