bioLytical Laboratories, a world leader in rapid infectious disease tests, has been named the LifeSciences BC Growth Stage MedTech Company of the Year. This was one of several awards presented to distinguished organizations and leaders in the life sciences ecosystem at the 2018 Annual LifeSciences BC Awards dinner held at the Fairmont Hotel Vancouver.
bioLytical is the developer and manufacturer of INSTI®, an innovative flow-through technology platform that provides diagnostic test results in less than one-minute. The first test launched on the INSTI platformwas a one-minute HIV test, followed by a one-minute HIV/Syphilis Multiplex Test and then the over-the-counter one-minute INSTI HIV Self Test. The company also provides contract services to adapt the INSTI platform to meet custom functional and technical diagnostic testing requirements.
At the awards ceremony, bioLytical was recognized for its proprietary technology, rapid market growth and the potential for the INSTI HIV Self Test to reach key populations. Dick Vollet, President and CEO of St. Paul’s Foundation, presented the LSBC Growth Stage MedTech Company of the Year award to Livleen Veslemes, Chief Operating Officer and Chief Financial Officer of bioLytical Laboratories.
Ms. Veslemes accepted the award noting, “It is an honour to be recognized in this year’s outstanding line-up of winners and to be recognized for our contributions to the Life Sciences community in BC. With the support of our investors, bioLytical was launched to provide an easily accessible option for HIV testing. Over the years, the INSTI platform extended beyond the initial flagship product which is what resulted in record revenues in 2017. The growth was fueled primarily by bioLytical’s increase in market share in the US while competitors realized year-over-year declines. Revenues also increased due to countries scaling up point-of-care HIV testing and implementing innovative self-testing programs; we expect this trend to continue as new policies to eliminate HIV continue to be implemented all over the world.”
