Angeon eyes ‘$8bn diagnostic testing market’ with InstantLabs investment
The company will change its name to InstantLabs Inc., and Joseph E. Gargan, CEO of the private investment company, will serve as CEO and join its board of directors.
InstantLabs said the market for pathogen testing in food accounts for $8bn in test expenditure.
Gargan said: “Since its founding in 2008, InstantLabs has developed the only multi-application portable, real-time, DNA-based diagnostic system, allowing InstantLabs' Hunter system and reagent kits to become an integral part in a variety of testing programs.”
Dr Neil Sharma, InstantLabs' director of R&D has been promoted to president.
InstantLabs is a developer and manufacturer of molecular diagnostic tests.
The company's Hunter Real-Time PCR device and portfolio of test kits offer on-site DNA-based diagnostics serving multiple industries.
InstantLabs has a portfolio of AOAC approved test kits for detection of food pathogens such as Salmonella, E. coli O157 and Listeria.
In food fraud, the firm has built test kits through partnerships with the US FDA and the University of Guelph. Such kits can be used on-site and offer results in less than two hours.
"Our partnership with Angeon will…advance our mission to provide producers, wholesalers, governments, and industrial partners with the technology to help safeguard businesses and consumers from potential food fraud, harmful pathogens and a variety of environmental hazards," said Sharma.