Almi Invest is investing in Readily's new rapid test that tests for multiple viruses at once
Almi Invest is investing two million SEK in Readily, which has developed a new method for creating rapid tests for multiple viruses at once. Private investors and UU Invest are also participating in the emission of a total of approximately ten million SEK. The money will be used to develop the first prototype of the rapid test.
During the Covid-19 pandemic, it became clear that there is a great need for accessible, easy-to-use, and reliable home tests that can immediately show the presence of viruses. Today, the PCR test is the most reliable test for Covid, but the problem is that it takes several days to get the results since the samples must be sent to special PCR labs. Many of the rapid tests that are available are not a solution because they are not as reliable as the PCR test.
Now, the newly started Uppsala company, Readily, has developed a new method for rapid virus diagnostics, with a primary focus on respiratory diseases. The idea is to develop a rapid test that can measure multiple viruses at once to quickly administer the appropriate treatment. The test has the same accuracy as a PCR test but can be done quickly, easily, and inexpensively at home or in nursing homes and hospitals.
Readily's vision is for the test to be used globally. In this way, infectious disease diagnostics can become available worldwide and not just in the wealthy part. Today, about half of the world's population lacks access to basic diagnostics of the most common infectious diseases.
The test will initially be able to detect four different viruses - SARS-CoV-2, influenza A, influenza B, and respiratory syncytial virus (RSV) - in the same patient sample.
"Readily's new rapid test could revolutionize the diagnosis of the most common, and in some cases deadly, virus-causing diseases. The product that they are now bringing to market combines the sensitivity and specificity of PCR tests with the simplicity, speed, and affordability of home tests," says Allan Asp, Investment Manager at Almi Invest. "We see great potential for Readily to succeed in this large, global market."
Readily's method is based on solid research from a both academically and commercially successful research group at Uppsala University led by Professors Masood Kamali-Moghaddam and Ulf Landegren. Both are co-founders of Readily, along with, among others, serial entrepreneur Ove Öhman and Dr. Liza Löf, who now becomes CEO of the newly started company. She has a solid research background from Uppsala University, and she is the one who has developed the new method.
"We are very happy about this investment," says Liza Löf, CEO of Readily. "Now we can take the step from research to product and begin to develop our first real prototype."