Scope Fluidics, a biotechnological company listed on NewConnect active in developing innovative projects in the field of medical diagnostics, announced further work plans within its PCR|ONE and BacterOMIC projects.
Regarding the PCR|ONE project, sale of shares in Curiosity Diagnostics sp. z o. o., the special purpose vehicle responsible for the development of the project, represents the most important operational goal. Scope Fluidics is currently engaged in talks with selected global entities active in the field of medical diagnostics. These concern the functionality of the PCR|ONE system, the technology used within the system, and project development plans – including test portfolio expansion, the sales model, component supplier network, production capabilities, scalability, and production costs. Parallel with the talks, the company announced a one-year action plan that sets out its continuing efforts to enhance the project value. The plan includes activities aimed towards achieving operational readiness by Curiosity Diagnostics enabling independent market introduction of the PCR|ONE system. These activities do not delay the M&A process and strengthen Scope Fluidics’ standing in negotiations with potential buyers.
– Plans to keep enhancing the value of the PCR|ONE system developed by Curiosity Diagnostics reflect the expectations of potential buyers – global entities operating in the medical diagnostics market. These entities are interested in introducing the PCR|ONE system to mass production as quickly as possible and developing the PCR|ONE panels portfolio. Planned activities are aimed at increasing the value of the PCR|ONE system regardless of the M&A process. – comments prof. Professor Piotr Garstecki, co-founder, significant shareholder, and CEO at Scope Fluidics:.
Activities scheduled for the PCR|ONE project over the upcoming months will include conducting the Early Access Program, preparing for large-scale production, and development of the Quattro Vir panel (SARSCoV-2, RSV, influenza A and B virus).
The main goal for the BacterOMIC project is to commercialize the system by selling all of its shares. Currently, Scope Fluidics focuses its efforts on obtaining the CE-IVD certification. Building on the experience gained within the PCR|ONE project, the management board of Scope Fluidics intends to implement further measures that will grow the project’s business appeal.
– As with the PCR|ONE project, we have planned activities aimed at strengthening BacterOMIC’s market position and brand recognition, as well as initial production scaling – Szymon Ruta, VP and finance director at Scope Fluidics.
Management Board sets out to align project financing together with the projects’ commercialization process. Funds for carrying out the planned activities will come from the implementation of the financing agreement with the European Investment Bank (the ‘EIB’) concluded in September 2020, as well as grants (already obtained and those obtained in the future), and own funds. At the same time, various financing options of the adopted action plan will be analyzed by the management board on an ongoing basis.
Management board notes that such other financing options are possible. Management Board will take further steps to ensure that the company can benefit from all tranches of the EIB financing. Company intends to use the first tranche of financing in Q4 2021 and is currently considering using the second tranche in the first half of 2022.