Theranos II raises $48m

Author: EIS Release Date: Aug 2, 2023

While Theranos founder Elizabeth Holmes languishes in a Texas jail, four year-old Vital Biosciences of Toronto has raised $48 million to do what Theranos couldn’t do.

 

Vital Biosciences says it has a machine called VitalOne which can deliver 50 lab-grade tests in 20 minutes using a minimum of six  drops of blood which can be taken from a pin-prick instead of  from a needle in a vein.

 

The machine runs haematology, clinical chemistry and immunoassay tests which check for blood disorders and substances.

 

The idea is that GPs have the machines and do blood tests on patients when they come for a first appointment and can make diagnoses without the need for further appointments.

 

 

 

 

 

OpenAI CEO Sam Altman, 8VC and Laboratory Corp of America Holdings are among investors who have put up the $48 million.

 

The company plans to demo the technology on Monday at the annual meeting of the American Association of Clinical Chemistry in Anaheim.

 

Next year the company intends to start an approvals procedure with the US Food & Drug Administration (FDA) which takes 18 months after which, if approved, the machine can be marketed.