Seven years ago Desert Tech, RapidBio Systems’ parent, was formed by these three groups to fund University of Arizona research projects in the form of grants to University researchers with commercializable projects needing only modest amounts of funding before they were ready to leave the research lab. In return, Desert Tech could obtain an exclusive license from the University for these technologies, which could then be sublicensed. Royalties from these sublicenses would then be shared between the University and the private investors. One such technology is a method for very rapidly detecting food-borne pathogens using a portable device.
To bring this technology to market, Desert Tech formed RapidBio Systems, Inc.™ and has given it an exclusive sublicense for this purpose. At present, RapidBio Systems™ is a wholly owned subsidiary of Desert Tech, but as outside investment is made in the company, Desert Tech’s ownership position will diminish. To date, Desert Tech and RapidBio Systems™ have spent approximately $1 million in furthering development of the technology and it is now positioned to be adapted to a commercializable product.