bioLytical named Growth Stage MedTech Company of the Year
RICHMOND, BC, April 26, 2018 /CNW/ - bioLytical Laboratories, a world leader in rapid infectious disease tests, has been named the LifeSciences BC Growth Stage MedTech Company of the Year. This was one of several awards presented to distinguished organizations and leaders in the life sciences ecosystem at the 2018 Annual LifeSciences BC Awards dinner held at the Fairmont Hotel Vancouver.
bioLytical is the developer and manufacturer of INSTI®, an innovative flow-through technology platform that provides diagnostic test results in less than one-minute. The first test launched on the INSTI platform was a one-minute HIV test, followed by a one-minute HIV/Syphilis Multiplex Test and then the over-the-counter one-minute INSTI HIV Self Test. The company also provides contract services to adapt the INSTI platform to meet custom functional and technical diagnostic testing requirements.
At the awards ceremony, bioLytical was recognized for its proprietary technology, rapid market growth and the potential for the INSTI HIV Self Test to reach key populations. Dick Vollet, President and CEO of St. Paul's Foundation, presented the LSBC Growth Stage MedTech Company of the Year award to Livleen Veslemes, Chief Operating Officer and Chief Financial Officer of bioLytical Laboratories.
Ms. Veslemes accepted the award noting, "It is an honour to be recognized in this year's outstanding line-up of winners and to be recognized for our contributions to the Life Sciences community in BC. With the support of our investors, bioLytical was launched to provide an easily accessible option for HIV testing. Over the years, the INSTI platform extended beyond the initial flagship product which is what resulted in record revenues in 2017. The growth was fueled primarily by bioLytical's increase in market share in the US while competitors realized year-over-year declines. Revenues also increased due to countries scaling up point-of-care HIV testing and implementing innovative self-testing programs; we expect this trend to continue as new policies to eliminate HIV continue to be implemented all over the world."
In opening the evening event, Dr. Lesley Esford, President & CEO of Lifesciences BC said, "One of our strengths as a community is that we are very collaborative. Our strategic focus is to increase access to talent and smart capital as well as find ways to support adoption and procurement of innovation at all levels of the public and private sector; if we don't use it ourselves, how can we sell it to others?" "Dr. Esford's sentiments are resounding and echo the progress bioLytical is pursuing in increasing point-of-care and pharmacist-assisted HIV testing in Canada," said Ms. Veslemes. "The world has procured 15 million INSTI tests so far, yet Canada continues to lag behind."
The Richmond-based company is amongst the 20th Annual LifeSciences BC Award recipients, which include:
- Genome BC Award for Scientific Excellence – Dr. Sally Aitken
- Michael Smith Foundation for Health Research – Aubrey J. Tingle Award - Dr. David Huntsman
- Milton Wong Award for Leadership – Dr. Michael Abrams
- Growth Stage Life Sciences Company of the Year – AbCellera Biologics Inc.
- Strategic Life Sciences Partner of the Year Award – Starfish Medical Inc.
- Medtech Company of the Year – Redlen Technologies Inc.
- Growth Stage Medtech Company of the Year – bioLytical Laboratories Inc.
- Deal of the Year Award – Zymeworks Inc.
- LifeSciences Company of the Year - Aurinia Pharmaceutical Inc.
- Dr. Don Rix Award for Lifetime Achievement - Drs. Allen & Connie Eaves
About LifeSciences BC
LifeSciences BC is a not-for-profit, non-government, industry association that supports and represents the life sciences community of British Columbia through leadership, facilitation of investment and partnering, advocacy, and promotion of our world-class science and industry.
Life sciences sectors, from biopharmaceuticals and medical technology, to digital health and medical devices, are integrated into our organization and all that we do, ensuring that no life sciences sector is working in isolation — and that all sectors come together in a comprehensive, complementary and coordinated fashion.
About bioLytical Laboratories Inc.
bioLytical Laboratories is a privately owned Canadian company engaged in the research, development and commercialization of rapid, point-of-care in vitro medical diagnostics using its proprietary INSTI™ technology platform. Today, the company markets and sells its signature INSTI™ HIV test and has a world-wide footprint of regulatory approvals including U.S. FDA approval, Health Canada approval and CE mark from European regulators. Their product provides a highly accurate HIV test result in as little as 60 seconds translating into a compelling value proposition for patients, healthcare professionals and public health organizations. For more information on bioLytical Laboratories, please visit www.biolytical.com.
SOURCE bioLytical Laboratories
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