8 Dec 2022
RAPIvD has announced the sale of a 19% stake in the business to the publicly listed Vancouver-based, Gemina Labs.
Gemina Labs buys 19% stake in RAPIvD
08:12:2022 for immediate release
The shareholders of rapid in vitro diagnostics specialist, RAPIvD Ltd have announced the sale of a 19% stake in the business to a publicly listed Vancouver-based company, Gemina Labs.
The two companies have been working in close partnership since RAPIvD helped Gemina to convert its Legio X™ COVID-19 Rapid Antigen Test prototype into an optimised, approved and manufacturable product.
Since then, RAPIvD has developed a proprietary device platform which, when combined with Gemina's chemistry platform, has the potential to support quantitative rapid tests. These go beyond the regular ‘positive/negative’ tests and are designed to provide accurate measurement of the concentration of the target biomarker. This, Gemina believes, will be an important feature of nextgen point-of-care diagnostics and human wellness tests.
RAPIvD founder and CEO, Robert Porter, said. “I am delighted to be partnering with Gemina Labs, our R&D expertise combined with their chemistry platform provides the opportunity for us to seriously accelerate the drive towards making point-of-care diagnostics more convenient, accurate, affordable and sustainable. Our work with Gemina on positive small molecule assay development is another potential game-changer”. He continued. “It is just as important that we share a similar sense of purpose, values, vision and organisational culture. These are exciting times for the in vitro diagnostics industry and we’re determined to remain at the forefront of developments.”
Gemina CEO Brian Firth, stated. "We couldn't have had a better development partner than RAPIvD over the last year. It’s been a text-book example of how a producing partnership creates the business logic for a strategic investment. RAPIvD offers us a fantastic acceleration in terms of converting our chemistry platform into a succession of tests in the respiratory market. Rob Porter and his team have an industry-leading reputation for making the leap from platform to product and together we are incredibly well positioned to deliver the next generation of rapid tests to market."