Blood test company Theranos fell after the altar: competitors got $36 million in financing

After the blood test company Theranos fell to the altar, bad news continued. Earlier this month, chain pharmacy giant Walgreens sued blood testing company Theranos for a breach of contract and demanded $140 million in damages. Although Theranos has had a negative impact on the blood testing technology industry in the past year, they will never give up on companies that are committed to changing the blood testing industry.

On November 20th, Theranos' competitor blood test startup Genalyte announced a $36 million financing, led by Khosla Ventures and Redmile Group. The company plans to use this financing to further improve the blood test technology, conduct more clinical trial projects, and promote the approval process of the regulatory authorities.

Founded in 2007 and headquartered in California, Genalyte is committed to using chip lab technology and using the detection platform Maverick Detection Platform to perform 128 different blood tests in less than 15 minutes, providing faster, more convenient blood. Testing service. Genalyte's proprietary silicon chip contains a photonic microring sensor matrix that detects diseases such as rheumatoid arthritis. The company hopes to use this technology in hospital outpatient clinics and is now awaiting approval by the SFDA.

Currently, Genalyte has obtained permission from the Institutional Review Board (IRB) to conduct clinical trials on the accuracy of blood test techniques. Genalyte's CEO, Cary Gunn, said that at the annual meeting of the American College of Rheumatology on the 12th of this month, the company showed the results of the test. One of the results showed that Genalyte's blood test can be realized with tradition. Similar results in the blood test, the company is now ready to advance the technology to the next stage of development.

Genalyte's technology has already begun commercial application in the pharmaceutical industry, but Gunn said that the company wants the technology to be used in outpatient clinics, closer to patients, doctors can directly perform blood tests in the outpatient office and get results within 15 minutes. Instead of having to send the sample to the lab, wait a few days for the results. This is somewhat similar to the original idea of ​​Theranos, which had previously established a partnership with Walgreens and plans to set up a Theranos lab in Walgreens where users can perform blood tests and get results from the app on the same day.

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