InstantLabs Secures Controlling Investment From Angeon Group
BALTIMORE, Feb. 23, 2017 /PRNewswire/ -- InstantLabs Medical Diagnostics Corporation, Inc. (InstantLabs) announced today that it has entered into an agreement for a controlling investment from Angeon Group, LLC (Angeon), an independent, private investment company focused on supporting growth-oriented businesses across a wide range of industries. In connection with the investment, the company will change its name to InstantLabs, Inc., and Joseph E. Gargan, CEO of Angeon, will serve as CEO of InstantLabs and join its Board of Directors. Additionally, Dr. Neil Sharma, InstantLabs' Director of R&D, has been promoted to President.
InstantLabs is a developer and manufacturer of leading-edge molecular diagnostic testing solutions. The company's breakthrough Hunter® Real-Time PCR device and growing portfolio of test kits offer a fully integrated, easy-to-use, mobile, and affordable solution for rapid on-site DNA-based diagnostics serving multiple industries including:
Food Safety. The market for quick and highly sensitive diagnostic technologies to ensure food safety is expanding rapidly. The global market for pathogen testing in food accounts for approximately $8 billion in test expenditure. InstantLabs has developed a complete portfolio of AOAC approved test kits for rapid and easy detection of food pathogens such as Salmonella, E. coli O157, and Listeria and has built a customer list that includes globally recognized brands.
Food Fraud. With the expansion of international food distribution, the potential for adulterated or mislabeled food to enter the U.S. market is increasing. For instance, today more than 90% of the seafood consumed in the U.S. is imported, and less than 1% is inspected by the government specifically for fraud. With more than 1,700 different species of seafood from all over the world available for sale in the U.S., illegal and sometimes hazardous substitution of cheaper quality seafood is becoming commonplace. InstantLabs has become a trailblazer in this emerging space and has built a sizeable set of food fraud test kits through premiere partnerships with the US FDA and the University of Guelph (Ontario, Canada). The company's solutions allow food fraud to be reliably detected on-site in less than two hours.
Microbiologically Influenced Corrosion (MIC). Industrial corrosion caused by microorganisms such as Sulfate Reducing Bacteria (SRBs) cost industry and government billions of dollars annually in damage and create substantial environmental risks. InstantLabs has partnered with a Fortune 500 industrial services company in the development and successful commercial launch of a first-of-its-kind portfolio of test kits for the in-field molecular detection and quantitation of corrosion-causing microorganisms in oil fields to help prevent events such as pipeline ruptures and biofouling. The Hunter® system also has potential applications in marine transportation and shipping, chemical processing, power generation, water treatment and aviation industries.
"Our partnership with Angeon will help accelerate InstantLabs' transformation into a leading diagnostic testing company and advance our mission to provide producers, wholesalers, governments, and industrial partners with the technology to help safeguard businesses and consumers from potential food fraud, harmful pathogens and a variety of environmental hazards," said Neil Sharma, President of InstantLabs.
"We are excited to be partnering with InstantLabs," said Angeon CEO, Joseph Gargan. "Since its founding in 2008, InstantLabs has developed the only multi-application portable, real-time, DNA-based diagnostic system, allowing InstantLabs' Hunter® system and reagent kits to become an integral part in a variety of testing programs. As it continues to expand its solution portfolio, InstantLabs is poised to become a leader in the growing global $8 billion diagnostic testing market."
About InstantLabs
InstantLabs develops innovative molecular diagnostics solutions for industry. The company built the Hunter® Real-Time PCR system from the ground-up to be a fully-integrated, easy-to-use, portable, and affordable platform for rapid, accurate DNA analysis. InstantLabs Medical Diagnostics Corp., the legal entity, offers the Hunter® system and industry-proven test kits for use in detecting foodborne pathogens, food fraud, and microorganisms of industrial interest. The Hunter® system is especially well suited for use at points-of-care and points-of-need to detect and analyze a wide variety of nucleic acid targets. InstantLabs' growing worldwide customer base includes some of the world's leading food and industrial companies. InstantLabs is also developing products for additional markets, including medical diagnostics. The company was founded in 2008 and is located in Baltimore, Maryland. For more information, please visit www.instantlabs.com.
About Angeon
Angeon is an independent, private investment company focused on supporting growth-oriented businesses across a wide range of industries. Angeon provides a unique combination of active strategic partnership and long-term capital to high-potential companies and their management teams. (www.angeonglobal.com)
Contact:
Neil Sharma, Ph.D.
President, InstantLabs
703-568-1824
nsharma@instantlabs.com
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SOURCE InstantLabs Medical Diagnostics Corporation, Inc.
