A company aiming to revolutionise the infectious disease testing market is accelerating its development and market launch of its key diagnostic platform through listing on the Nasdaq First North.
Diagonal Bio was created to devise easy-to-use, cost-efficient, quick, and accurate diagnostic technologies for detection of all type of pathogens, with its flagship product Panviral, hailed as having transformative potential.
A disadvantage of today’s rapid tests is that they often give false results, whereas PCR tests, the current gold standard of diagnostics that give the most accurate results, are expensive, complex, and time consuming – it typically takes days from sample to results.
Following the launch of Panviral, Diagonal Bio foresees a wide range of future product formats – for several diseases, as well as for parallel and multiple patient testing. The Diagonal Bio team is constantly refining the technology to bring the gold standard of diagnostics to point of care.
Diagonal Bio, which has attracted a strong management team and a highly experienced professional board of directors, now plans to accelerate further development, while preparing for clinical trials and market launch.
To facilitate the process, the company – part of SmiLe Incubator, a life science business incubator based in Medicon Village in Lund, Sweden – is on the path to listing on Nasdaq First North, while also raising SEK 40 million.
“We believe that Panviral has the potential to bring the gold standard of diagnostics to point of care. The technology is fast, accurate, easy to use and cost-effective. In addition, it can potentially enable both parallel and multiple patient testing. As a SmiLe member, we have gained access to lab facilities, professional networks, and the opportunity to receive soft money funding,” says Jack Egelund Madsen, CEO of Diagonal Bio.
The experience has been invaluable to our company and the exciting journey ahead. Our efforts, which can potentially limit the spread of disease worldwide, will have a direct impact on the lives and health of individuals on a global scale.”
Serial entrepreneur Kushagr Punyani is one of the main inventors of Diagonal Bio’s innovation and one of the co-founders of the company. One of his other companies, Spermosens, also participated in SmiLe’s incubator programme before being listed on the Spotlight Stock Market this spring.
“Diagonal Bio has come a long way in a short time. It is inspiring that entrepreneurs who have participated in our incubator program with their previous companies see great value in SmiLe’s offering and networks and therefore choose to return with their new companies, as Kushagr Punyani has done. We wish them the best of luck and success in the future,” says Ebba Fåhraeus, CEO of SmiLe Incubator.
