E25Bio, a company that develops rapid diagnostic tests for infectious diseases, announced Wednesday that it had raised $2 million to develop tests for the novel coronavirus.
As of Thursday morning, the United States has a total of more than 10,200 confirmed cases of COVID-19, with more than 2,700 new cases reported in less than 24 hours. In response to the virus’ rapid spread, the Food and Drug Administration recently announced plans to fast track coronavirus diagnostics tests through its Emergency Use Authorization, which has prompted many public and private organizations like E25Bio to come up with solutions.
“The response is very worrisome with a lack of planning and lack of resources for diagnostics,” co-founder and CTO Dr. Irene Bosch told Built In in an email. “While a lot of things could have been done differently in the beginning, it appears that everyone (especially private companies) is coming together to fight this in a pretty impressive way.”
E25Bio was founded in 2018 and is based out of the Massachusetts Institute of Technology’s The Engine. Its diagnostic tests, which use nanoparticle technology to capture and detect viral proteins secreted into the human body, were developed by Bosch and Dr. Lee Gehrke, the Hermann von Helmholtz Professor of Health Sciences and Technology at MIT. In the past, this technology was used to diagnose diseases like Zika and dengue. Now, the company has shifted its focus to testing for the novel coronavirus, a vital step in slowing its transmission.
“Rapid testing is important because the novel coronavirus is an opportunistic pathogen that spreads rapidly. One way to stop the spread is to detect the virus early to isolate infected individuals before they show symptoms and before they have a chance to pass the virus onto other people,” co-founder and Interim CEO Dr. Bobby Brooke Herrera told Built In in an email. “The technology can change the way we handle epidemic viruses by giving us time to appropriately respond and isolate infected individuals before there is a massive outbreak.”
According to Crunchbase News, E25Bio will begin testing its technology next week and plans to distribute tests across the country by late April, depending on when they receive EUA approval. The tests are expected to be faster, more accurate and more affordable than existing options, costing less than $30, according to a company spokesperson. The company also plans to make these tests available in hospitals, clinics and pharmacies for at-home use.
Going forward, Herrera said it will take all of us — not just one company — to stop the spread of COVID-19.
“This requires unified effort, a concentrated strategy to change and turn the tide,” Herrera said. “That includes academia, government and the private sector. If we work together, we can effectively mitigate the spread of the epidemic.”
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