- The company has successfully introduced an inexpensive, yet user-friendly alternative to traditional molecular diagnostic platforms
MOUNTAIN VIEW, California, Feb. 25, 2013 /PRNewswire/ -- Based on its recent analysis of the molecular diagnostics market, Frost & Sullivan recognizes GenePOC, Inc. with the 2013 North America Frost & Sullivan Entrepreneurial Company of the Year Award. The company's biggest strengths are its technology and leadership. GenePOC has completed its first step in growth implementation by demonstrating its superior molecular technology. Its next goal is to expand the usage of its system at the point of care to optimize patient management and target therapies.
The company stands out in the molecular diagnostics market due to its product and technology innovation. It addresses point-of-care testing needs with a fully-automated, standalone, and plug-and-play system that provides quick results. The system has a universal sample preparation method and can handle numerous sample types, including nasal, vaginal and throat swabs.
"GenePOC's technology employs real-time polymerase chain reaction, microfluidics, microfabrication, biomarkers and bioinformatics, enabling physicians to diagnose diseases more rapidly," said Frost & Sullivan Global Program Manager Jennifer Brice. "While other vendors have attempted to cater to the POC testing market with molecular diagnostics platforms, GenePOC's system is uniquely designed to be user-friendly."
GenePOC has a well-delineated strategy to obtain funding in 2013, accelerate development in 2013 and then launch its technology in Europe in 2014, since the European market is more flexible than the U.S. market. GenePOC aims to have four or five tests in Europe by 2015, before it can launch its platforms in the U.S.
GenePOC's technology can fully automate molecular diagnostic testing at the point of care and provide results in less than an hour, and with less than 3 minutes of hands-on time. Its molecular diagnostics system can process a broad range of sample types; it can test eight different samples simultaneously during a single run, with up to 12 targets per sample. This is an attractive feature, especially considering that both the instrument and consumables are cost-effective and easy to use.
The GenePOC system's protocols are the same for all tests, even for those with different targets and different samples. Moreover, the volume capacity of GenePOC's system exceeds that of other systems.
Unlike other systems, GenePOC's system does not produce significant amounts of waste; it produces approximately 10 percent of the waste of other devices, in terms of both volume and weight. As the system does not require purification and amplification of sample DNA, it offers enhanced ease of use and efficiency.
"GenePOC aims to transform the market by responding to customers' demand for a simple, user-friendly molecular diagnostic system," noted Brice. "It continues to find ways to improve its methods in order to produce affordable and, therefore, viable molecular diagnostic test consumables."
Each year, Frost & Sullivan presents this award to the company that has demonstrated entrepreneurial spirit by devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in business processes, leadership in customer value as well as market penetration. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About GenePOC, Inc.
Created in 2007 and located in Quebec city, Canada, GenePOC, Inc. is a privately owned company that develops rapid and cost-effective molecular tests to detect genes at Point of Care (POC).
Since the PCR has been invented in the mid 80's, GenePOC founder, Dr. Michel G. Bergeron, had the goal of using DNA to speed up the identification of microbes to one hour or less instead of more than 48 hours with standard culture. For more information visit http://www.genepoc-diagnostics.com/Home.shtml
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