Examin Holdings primes innovative Covid testing device for export after $640k grant
A Sunshine Coast med-tech company’s Covid-19 testing device has attracted more than $640,000 in funding to commercialise and export globally amid huge demand.
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An innovative Covid-19 testing device developed by a Twin Waters med-tech manufacturer has attracted more than $640,000 in funding to commercialise and export the product amid surging interest.
Examin Holdings secured the co-investment grant by the federal government’s Advanced Manufacturing Growth Centre (AMGC) which it will use to finalise regulatory approvals and expand its workforce.
Colin Hickey is a mechanical engineer by trade and founded the company in 2019 after reading scientific articles on the initial spread of the coronavirus in China, spurring him to create a solution for the growing problem.
In February, 2020, he teamed up with scientist Professor Massood Tabibazar from the University of Utah to research Covid-19 and develop the viral breath tester.
Mr Hickey said the government funding will enable his business to fast track bringing the device to market across Australia and internationally.
“The grant is very timely because we’re now in the expensive phase of the business where we need to get regulatory approvals for various countries including Australia, New Zealand, the US which are the three main ones we’re working on,” Mr Hickey said.
“Additionally, we have to get accredited approval by independent organisations to say we’re up to standard for a medical device. There’s a lot of money and effort that goes into getting the next level of approvals to use the device and go into mass manufacturing.”
The company’s grant comes following numerous sales enquiries from international health organisations for the device including a client which recently requested three million units a month and others for over 10 million.
The breathalyser requires users to blow into a mouthpiece for five seconds and provides a positive or negative reading in less than a minute for Covid-19 which Mr Hickey said has 98 per cent overall accuracy.
The current standard practice for detecting cases of the virus are rapid antigen and PCR tests which can take days to return a result.
Examin Holdings has six staff to date and plans to secure a manufacturing site on the Sunshine Coast and grow its team this year with long-term plans to increase local production of its devices to sell nationally and into nearby countries such as New Zealand and parts of Asia.
The start-up also completed its first round of capital raising a fortnight ago and will commence a second phase in June where it is aiming to secure investment from established global companies.
Mr Hickey said the company recently tested the device with Gribbles Pathology in Malaysia and will commence clinical trials ahead of finalising overseas health and medical approvals to sell the product.
“We’re ready to go and believe the business has a very long term future because we’re working in an area that other people have avoided because of the difficulty of it and it’s so flexible in terms of what we can do, there’s so many different diseases we can chase,” Mr Hickey said.
“It’s not a one trick pony, it’s a platform for the future and that’s what we’re building on.”
The co-investment grant totalling about $1.3m consists of the AMGC’s funding and investment by Examin Holdings of the same amount.
The Twin Waters start-up also partnered with Australian companies Romar Engineering, Design & Industry, and Brand Wood CKC which was facilitated by the AMGC to develop the device and fulfil regulatory requirements.
AMGC national director for industry Michael Shapre said the versatility and wide range of use cases for the breathalyser highlights its strong potential in the global marketplace.
“It’s Australian technology that’s exportable globally, at the end of the day Australian ingenuity led to this new innovation which seems like the next step from rapid antigen tests,” Mr Shapre said.
“With the other partners in this project and Examin being the project lead, by building these collaborations they’re a leading example of how manufacturers can work smarter and stronger to create opportunities and grow their business.”