- Biotech company, BioMark Diagnostics (CSE:BUX) has partnered with Stream.ML and Merogenomics to launch a new company, Bio Stream Diagnostics
- The resulting entity will focus on providing low-cost, accurate COVID-19 detection in less than 30 seconds
- Bio Stream Diagnostics aims to develop an alternative to current detection tools, such as the polymerase chain reaction system
- The new company’s directors will be officers from the three companies which formed it
- BioMark Diagnostics (BUX) is up 53.33 per cent and is currently trading at C$0.23 per share
Biotech company, BioMark Diagnostics (CSE:BUX) has partnered with Stream.ML and Merogenomics to launch a new company, Bio Stream Diagnostics.
Stream.ML is a machine-learning company with expertise in optics, spectral data, spectroscopy, and deep learning. Merogenomics, founded by Dr Mikolaj Raszek, aims to make the benefits of genome sequencing more accessible to the public.
The partnership has resulted in an entity which will focus on providing COVID-19 screening and detection. Its platform will combine machine learning and Raman spectroscopy to provide results that are rapid, affordable, and accurate.
Bio Stream Diagnostics aims to develop an alternative to current detection tools, such as the polymerase chain reaction (PCR) option.
The company’ screening process will be low-cost, highly sensitive, and will return results in under 30 seconds. It will simplify sample processing, use less consumables than PCR testing, and can be run by non-technical lab personnel.
The company plans for the platform to be used as a screening or verification tool for other tests. Its rapid and economical set-up will also allow it to be used in countries with limited infrastructure.
BioMark’s CEO, Rashid Bux, commented on the formation of a new company in the midst of the COVID-19 outbreak.
“Management is extremely pleased to announce this critical endeavour with such renowned leaders in their respective fields.
“We believe that rapid and cost-effective testing is a vital step in combatting the COVID-19 pandemic. Our goal is to introduce this rapid-screening platform to the global market in the coming weeks.
“We are currently engaged in high-level discussions with governmental agencies regarding a potential rollout strategy,” he said.
Each of the three companies which formed the new business will provide officers to be directors at Bio Stream Diagnostics.
BioMark Diagnostics (BUX) is up 53.33 per cent and is currently trading at C$0.23 per share at 10:14am EDT.