At the Benzinga Healthcare & Biotech Breakthroughs virtual event Thursday, Brian Firth, CEO of Gemina Labs, spoke about the company’s agreement with a major global diagnostics firm, marking a notable step forward for the Canadian-based company.
This deal will enhance the performance of the partner’s diagnostic tests using Gemina’s proprietary chemistry, he said. Although the partner’s name remains confidential, this collaboration is poised to elevate Gemina’s presence in the diagnostics market.
Technological Edge in Diagnostics
Gemina Labs specializes in developing chemistries that improve the efficacy of diagnostic tests. Their technology, described by Firth as “a turbocharger for diagnostics,” optimizes the alignment of antibodies in lateral flow tests, boosting their sensitivity.
“We increase performance by making sure 100% of the antibodies are effective,” Firth explained. This technology can be applied across various diagnostic formats, making it versatile and highly valuable.
Market Opportunities and Revenue Projections
The diagnostics market is vast, with the point-of-care segment alone valued at approximately $43 billion, Firth says.
Gemina Labs targets a $3.6 billion market share, focusing on enhancing the lateral flow and molecular tests. The company began generating revenue this year, with projections indicating substantial growth into 2025. “Our revenue generation by the end of this year will be relatively modest, around a quarter million, but next year, we expect it to grow to nearly $4 million,” Firth noted.
Production and Capacity Expansion
Gemina Labs is expanding its production capabilities to support its ambitious growth plans. A new protein production platform will come online later this year, increasing the company’s capacity to meet rising demand. Firth emphasized the importance of keeping pace with production needs, recalling his experience in the diabetes sector, where demand often outstripped supply. “You can’t underestimate how fast you’re going to need capacity,” he remarked.
Future Prospects and Potential M&A
While Gemina Labs is focused on its current growth trajectory, Firth acknowledged the possibility of future mergers and acquisitions. “Either we become as big as one of the major players, or one of them takes us in,” he said, highlighting the company’s unique position with its patented technology. This potential makes Gemina Labs an attractive prospect in the diagnostics field.
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