Precision Biomonitoring Selected as a Future Canadian Economic Powerhouse by MaRS Momentum Program
Precision Biomonitoring on track to reach $100 million in expected revenue over the next five years
GUELPH, ON, Jan. 26, 2021 /CNW/ - Precision Biomonitoring is proud to announce it has been accepted by the MaRS Momentum program as one of Canada's future economic powerhouses. The MaRS Momentum program is a multi-sector, exclusive program designed to support the executives of high-growth companies on their way to reaching $100 million in revenue in the next five years.
Precision Biomonitoring is a first mover in rapid, mobile diagnostic and detection kits in Canada. Its unique technology can be applied to any living organism, enabling customers to detect an organism or pathogen at the point-of-need and get a result immediately. Most recently it's being used for the detection of SARS-CoV-2 (COVID-19). Being able to supply a test that uses simple RNA extraction, runs at room temperature and is portable with real-time, on-the-spot results via a smartphone is game-changing. Precision Biomonitoring currently has 12 additional tests in R&D, and is in clinical validations for a rapid, non-invasive COVID-19 antigen test that uses saliva samples and a microsensor to detect very low levels of infection, thereby extending its product platform to appeal to a broader market.
"We are incredibly honoured to be included in this prestigious MaRS program. Our team has dedicated endless hours throughout the pandemic to develop tools that contribute to the scientific community and human health," says Dr. Mario Thomas, CEO, Precision Biomonitoring. "Our dedication to innovative testing solutions is steadfast and we look forward to the opportunities at home in Canada, and abroad, that will help fuel our continued growth. In fact, we've already grown from a team of just five, to over 30 employees in less than one year."
"We are thrilled to welcome Precision Biomonitoring to MaRS Momentum. Their growth, accomplishments and significant potential have qualified them to join this exclusive group of high-growth Canadian companies," said Krista Jones, Founding Executive, Momentum & VP, Venture Services. "We are proud to support their continued growth and global expansion and believe that they will create outsized economic impact for Canada."
Precision Biomontoring has two Health Canada and one European approval – making it the first and only Canadian-made solution to support Canada's pandemic response. The Company's advanced TripleLock™ qPCR test is based on three core principles that are designed to maximize accuracy and confidence in qPCR results, reduce costs, and deliver results in real-time.
About Precision Biomonitoring
Founded in 2016 by a team of scientists from the University of Guelph's Biodiversity Institute of Ontario, Precision Biomonitoring provides TripleLock™ onsite eDNA surveillance platform solutions that give customers rapid earlier detection of organisms. The Company's portfolio includes available qPCR field tests for animal, plants and microbial species. Precision Biomonitoring is now applying this technology into the human health field which increases the potential and application for various other tests, as seen with our COVID-19 mobile tests. The Precision Biomonitoring team is at the forefront of technological innovations in the genomics industry. Our vision is a world where we can identify any organism on the spot, in an instant, anywhere on the planet. Learn more about Precision Biomonitoring at: https://precisionbiomonitoring.com/about-us
SOURCE Precision Biomonitoring