Mylab Discovery Solutions, the first Indian company to get commercial approval to supply COVID-19 test kits, on April 2 said it received funding from Adar Poonawalla, CEO of Serum Institute of India, and Abhijit Pawar, Chairman of AP Globale (APG).
The company didn't disclose details like the quantum of funds.
The Pune-based company said it will deploy the funds to scale up operations and quicken delivery of testing kits for COVID-19.
“The investment towards Mylab will enable them to build infrastructure and expand capabilities further,” said Adar Poonawalla, CEO, Serum Institute of India.
“In the next few weeks we will be ramping up the production of the COVID-19 testing kits, taking from 1.5 lakh tests to 20 lakh tests per week. The shortage of testing kits will come to an end in a month or two,” Poonawalla noted.
“We are honoured to stand by our prime minister and the government, while supporting them during these trying times. This partnership will ensure we do our bit to help in this time of crisis," said Abhijit Pawar of APG. The group is into education and impact investing. Pawar also heads Pune-based Sakal Media Group.
Mylab's time-saving testing kit, named Mylab PathoDetect COVID-19 Qualitative PCR kit, was developed within six weeks of the outbreak.
The kit was approved by the Central Drugs Standard Control Organisation (CDSCO) after Indian Council of Medical Research's evaluation.
“This will help Mylabs create a world class organisation, which will help India become a leader in molecular diagnostics,’’ said Sujit Jain, Director, Mylab.
In 2019, Mylab became India’s first FDA (CDSCO) approved manufacturer for RT-PCR-based molecular diagnostic kits for detection and quantification of HIV, HBV and HCV. The company's manufacturing facility, approved by the CDSCO, is compliant with MDR 2017 regulation for manufacturing medical device of Class A,B,C and D and ISO 13485: 2016 certification.
Hitesh Jain, Managing Partner, Parinam Law Associates, was the legal advisory for the deal partnership.