BELLEVUE, Wash. & BOSTON & SEOUL -Thursday, July 13th 2017 [ ME NewsWire ]
(BUSINESS WIRE)-- Intellectual Ventures’ Global Good Fund and GE (NYSE:GE), have signed a licensing agreement with the diagnostics technology company Access Bio (KOSDAQ:950130) to manufacture and distribute innovative diagnostic technologies that will help global health workers to more rapidly identify asymptomatic malaria in low-resource regions around the world. Identifying these low-level infections is considered critical to directing efforts towards malaria elimination.
“Significantly enhancing the sensitivity of malaria rapid diagnostic tests (RDTs) addresses gaps in rapid diagnostics that will bring us closer to eliminating the deadly disease in more and more regions around the world,” said Maurizio Vecchione, Executive Vice President of Global Good & Research. “GE and Global Good have a shared commitment, along with Access Bio – as a commercialization partner – to enhance surveillance by public health teams to identify very low level malaria infections and realize the goal of eventually eradicating malaria entirely,” he said.
The new diagnostics technologies for malaria detection were co-developed by a team of scientists and engineers at GE’s Global Research Center in Upstate New York and Global Good. GE Ventures, GE’s strategic arm to accelerate innovation and growth with partners, drove the commercialization model for the technology and the licensing agreement between GE, Global Good and Access Bio.
“The combination of RDTs and serology tests will fill an important gap in the tool-set for the eradication of malaria,” said Joseph Suriano, Technical Discipline Leader at GE Global Research, leading GE’s involvement in the program. “By being able to see if a population has been recently exposed to the malaria parasite with serology tests, we can then efficiently target the use of more rapid, highly sensitive tests and other anti-malarial interventions to act before outbreaks occur.”
The agreement covers a highly-sensitive diagnostic test that identifies key proteins present in malaria, as well as Plasmodium lactate dehydrogenase (pLDH) RDT to detect malarial parasites. The agreement also includes technology to create malaria serology tests for Plasmodium antibodies which can measure a population’s past exposure to the disease.
“With our commercialization experience and mass production facilities, Access Bio will be able to fully accommodate the commercialization of the highly sensitive RDTs at affordable prices. These tests will be the next generation of diagnostic testing and a big step towards the eradication of malaria,” said Young Ho Choi, Chief Executive Officer of Access Bio.
According to the WHO, the volume of malaria RDT sales reported by manufacturers increased by almost 7 times from 2008 to 2014. The WHO also reports that nearly half of the world’s population is at risk of malaria, and in 2015 alone, there were 429,000 deaths globally due to the disease; many of those deaths occur in the developing world, with 92% of those deaths taking place in Sub-Saharan Africa.
The WHO "Global Technical Strategy for Malaria 2016-2030", a new 15-year framework for malaria control in all endemic countries, sets ambitious but achievable targets for 2030, including the elimination of malaria in at least 35 countries. Providing these new tests to these countries could enhance program effectiveness and empower local health systems to manage elimination programs more effectively.
About Global Good
Global Good is a collaboration between Intellectual Ventures and Bill Gates to invent technology that improves life in low- and middle-income countries. With support from a coalition of NGO, government and business partners, we conceive, develop and deploy inventions for the poorest parts of the world. Global Good combines Intellectual Ventures’ unique invention prowess with the expertise of leading humanitarian organizations, forward-looking governments, and commercial partners that share our vision. Together, we invent, develop, and deploy commercially-viable technologies that improve life in developing countries. www.globalgood.com
About GE
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About Access Bio
Access Bio (KOSDAQ:950130) is dedicated to the prevention and early diagnosis of infectious diseases through research, development, and manufacturing of in vitro rapid diagnostic tests, biosensors and molecular diagnostic products. The company’s in vitro diagnostic test platform includes immunochemical, biochemical and molecular products.
Headquartered in Somerset, New Jersey, Access Bio serves its global customer base from manufacturing sites located in the US, Ethiopia and South Korea. In fiscal year 2015, the company reported $31.4 million of revenues, largely from sales of its industry-leading malaria RDT products. The company is in the early stages of commercializing a number of additional diagnostic kits that leverage its existing expertise and manufacturing capacity.
For additional information about the company, please visit www.accessbio.net.
Contacts
For Intellectual Ventures
Clare Sayas, 206-334-0459
clare.sayas@revereagency.co
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