$5 million raise to accelerate global market development and product development
AUCKLAND, New Zealand–(BUSINESS WIRE)–Pictor, a global leader in immunodiagnostics, today announced a funding round to help accelerate pipeline product development projects along with market development activities within Australia/New Zealand, the US and Europe for its Human Health and Animal Health portfolios.
This follows the recent successful launch of the PictArray™ SARS-CoV-2 IgG Antibody Test through Rako Science in New Zealand and key partners in the US. “The test better informs patients and doctors in determining whether the patient should be immunized or boosted,” said Pictor’s Chief Medical Officer Tadd Lazarus, MD.
Pictor’s multiplex technology enables two key different approaches – testing for multiple diseases or testing for different stages/multiple markers of a disease, all within a single enzyme-linked immunosorbent assay (ELISA) test well. This can provide both greater sensitivity (accuracy), higher throughput and cost efficiencies.
Within the Human Health space, Pictor’s current focus is expanding access to its highly accurate tests for COVID-19 antibodies and accelerating the development of its test for tropical fevers. Pictor has also leveraged its multiplex platform to develop an Animal Health business and is poised to launch two tests in Q2, 2023. The PictArray™ Mycoplasma bovis (M. bovis) and PictArray™ Johne’s Disease tests, developed with support from the Ministry for Primary Industries’ Sustainable Food and Fibre Futures fund, will enable more accurate and effective dairy and beef herd management both in New Zealand and internationally.
In announcing the financing, Pictor CEO Howard Moore said: “This funding round provides a potential opportunity for investors to realize a significant increase in value through the near-term commercialization of our current pipeline, along with acceleration of future product development projects.”
Former Morrison & Co. CEO Marko Bogoievski is helping lead the current funding round following his investment and involvement in Pictor since early 2022.
Pictor is an in vitro diagnostics company that offers a patented multiplexed platform for highly accurate and efficient testing of complex and infectious diseases for human and animal health. PictArray™ multiplexed technology makes it possible to test multiple disease markers in a single test simultaneously — with higher sensitivity, faster throughput, and reduced turn-around time. The company’s lead product, the PictArray™ SARS-CoV-2 IgG ELISA Kit, enables more informed clinical intervention to manage the threat of COVID-19. For more information, please visit http://pictordx.com, https://www.linkedin.com/company/pictorltd and @PictorLtd on Twitter or Facebook.
About Marko Bogoievski
Known as a high-conviction investor, Marko Bogoievski served as the chief executive officer of New Zealand-based Morrison & Co before stepping-down in December 2021. His career saw him lead Morrison & Co to become a global leader in infrastructure investment, specifically focused on data, renewable energy and healthcare. In his thirteen-year tenure with Morrison & Co, Bogoievski led growth in funds under management to over US$20 billion