Diagonal Bio plans to revolutionize the infectious disease testing market by creating easy-to-use, cost-efficient, quick, and accurate diagnostic technologies for detection of all type of pathogens. To accelerate the development and market launch of the diagnostic platform developed by Diagonal Bio, Panviral, the company plans to list on Nasdaq First North on July 6, 2021.
The company´s vision is to limit the spread of infectious disease worldwide, which requires speed, accuracy, ease of use and cost-efficiency. A disadvantage of today's rapid tests is that they often give false results (Link1 and Link2), 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 and competent 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 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. 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,” says Jack Egelund Madsen, CEO of Diagonal Bio.
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 program 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.
SmiLe Incubator is a life science business incubator based in Medicon Village in Lund, Sweden. SmiLe helps entrepreneurs commercialize their ideas. There are currently 25 companies in SmiLe which, together with alumni companies, have attracted more than EUR 460 million in venture capital to date since 2014. SmiLe offers excellent business coaching, a broad international network of contacts and a dynamic community, as well as well-equipped laboratories which is unique of its kind in Sweden. SmiLe is a non-profit organization and receives basic funding from Region Skåne, Lund Municipality, Lund University and Medicon Village. SmiLe´s sponsors are Agilent, Sparbanken Skåne, Awa, Høiberg, Prevas, Setterwalls, Zacco, Aqilion. SmiLe’s listed alumni companies have a market capitalization of EUR 1,3 billion (Q1 2021). www.smileincubator.life