The global food safety testing industry has become a sizable industry with over 600 million pathogen tests performed per year and generating revenues of over $9 billion annually.
The Case for Fast, Accurate Testing
There is substantial global demand for an accurate and efficient pathogen-detection modality that can safeguard the food supply every step of the way, from raw material collection sites to processing and packaging facilities. The food safety testing market is divided into six market categories based on the testing target:
- Produce (Fresh & Processed Vegetables)
The US Government Accounting Office stated in 2010 that imports account for nearly two-thirds of fruit and vegetables and 80% of seafood eaten in the US. The growth of imported products is coming from Mexico, South America, China, India, other parts of Asia, and Africa. These imports further add to the importance of a widely available rapid testing method. At present this market is greatly underserved and represents less than 15% of the total market testing value.
Due to of the length of time needed for testing and other factors, PCR and other current testing methods are not meeting all of the expressed needs of the market. These needs include:
- Portable and field deployable: not laboratory constrained
- Easy-to-use: no advanced or special technical training required
- Rapid: accurate results (<1 hour)
- Comprehensive pathogen menu: Salmonella, E. coli, Listeria, Campylobacter, and others
- PCR-like results for LOD (Limit of Detection): ~10 cfu/mL
- Connectivity from remote/field testing device to quality control decision makers
The Case for the RapidBio Systems™ Solution
The RapidBio Systems’ technology addresses all of these requirements with its field portable testing devices. No advanced technical training is required to operate the handheld pathogen testing device and the results are available in approximately ten minutes. The technology is capable of detecting almost any bacteria-based pathogen, including threats to food safety such as Salmonella, E. coli, Listeria, and Campylobacter. Sensitivity is similar to PCR techniques, matching the 10 cfu/mL limit of detection.
Future models of the testing device will be able to communicate with quality control management systems via Wi-Fi or cellular networks.
The Case for Investing in RapidBio Systems™
By meeting clearly defined market requirements and needs, RapidBio Systems™ is positioned to significantly change the way current food-borne pathogen testing is defined. Our revolutionary and innovative testing system can be used at the point of testing need – eliminating the long wait for test results, expensive laboratory facilities, and dedicated technicians.
It is projected that RapidBio Systems™ products will garner $50 million in revenue within five years and the company will then be positioned to either be acquired or initiate an IPO, thus substantially increasing shareholder value.