A little over a year after the dissolution of the once high-flying blood testing startup Theranos, another startup has raised more than $27 million to breathe new life into the vision of bringing low-cost blood tests to point-of-care medical facilities.
Unlike Theranos, Truvian Sciences is not claiming that most of its blood tests do not need clearance from the U.S. Food and Drug Administration, and is, in fact, raising the money to proceed with a year-long process to refine its technology and submit it to the FDA for approval.
â€śMore and more consumers are refusing to accept the status quo of healthcare and are saying no to expensive tests, inconvenient appointments and little to no access to their own test results,â€ť said Jeff Hawkins, the president and chief executive of Truvian, in a statement. â€śIn parallel, retail pharmacies are rising to fill demand, becoming affordable health access points. By bringing accurate, on-site blood testing to convenient sites, we will give consumers a more seamless experience and enable them to act on the vast medical insights that come with regular blood tests.â€ť
Hawkins, the former vice president and general manager of reproductive and genetic health business at Illumina, is joined by a seasoned executive team of life sciences professionals, including Dr. Dena Marrinucci, the former co-founder of Epic Sciences, who serves as the companyâ€™s senior vice president of corporate development and is a co-founder of the company.
As part of todayâ€™s announcement, the company said it was adding Katherine Atkinson, a former executive at Epic Sciences and Illumina, as its new chief commercial officer, and has brought on the former chairman of the Thermo Fisher Scientific board of directors, Paul Meister, as a new director.
Funding for the company came from GreatPoint Ventures and included DNS Capital,Tao Capital Partners and previous investor Domain Associates.
The ultimate goal, according to Hawkins, is to develop a system that can be installed in labs and can in 20 minutes and for as low as $50 provide from a small sample of blood accurate results for a battery of health tests. Typically, these tests can cost anywhere from several hundred to several thousand dollars â€” depending on the testing facility, says Hawkins.
Using new automation and sensing technologies, Truvian is aiming to combine chemistries, immunoassays and hematology assays into a single device that can perform standard assessment blood tests like lipid panels, metabolic panels, blood cell counts and tests of thyroid, kidney and liver functions.
The companyâ€™s system includes remote monitoring and serviceability, according to a statement from Truvian. Its dry reagent technology allows materials to be stored at room temperature, removing the need for cold chain or refrigerated storage. According to a statement, the company is working to receive a CE Mark in the European Economic Area and submitted to the FDA for 510(k) clearance along with a â€śclinical laboratory improvement amendmentsâ€ť waiver application to let the devices be used in a retail setting or doctorâ€™s office.
â€śWe donâ€™t believe that single drop of blood from a finger stick can do everything,â€ť says Hawkins (in opposition to Theranos). â€śFundamentally as a company we have built the company with seasoned healthcare leaders.â€ť
As the company brings its testing technology to market, itâ€™s also looking to complement the diagnostics toolkit with a consumer-facing app that would provide a direct line of communication between the company and the patients receiving the results of its tests.
Truvianâ€™s data will integrate with both Apple and Googleâ€™s health apps as well as reside on the companyâ€™s own consumer-facing app, according to Hawkins.
â€śAt the end of the day, precision medicine is going to come from integrating these data sources,â€ť says Hawkins. â€śI think if we pull off what we want we should be able to make your routine blood testing far more accessible.â€ť