Export Barbados (BIDC) signs MOU with Alveo Technologies, Inc.
Export Barbados (BIDC) and Alveo Technologies, Inc., a California-based company specializing in molecular sensing and diagnostics, have signed a Memorandum of Understanding (MOU) to co-develop Alveo’s novel molecular sensing platform while contributing to the development of Barbados’ life sciences industry.
Export Barbados (BIDC) has responsibility for advancing the life sciences industry of Barbados, which it sees as the next frontier for economic development in the country. The MOU with Alveo Technologies, Inc. is Export Barbados’ latest initiative to help grow the life sciences industry and leverage Barbados’ existing strengths in the industry – its supply of skilled labour. The partnership will focus on using Alveo Technologies, Inc.’s proprietary be.well™ technology platform, which helps drive earlier detection of pathogens at the point of need.
At the outset, three areas of collaboration have been identified under the MOU. The first is as co-development partners regarding Alveo’s be.well™ platform. This platform is a point of need molecular diagnostic and sensing platform that uses Alveo’s proprietary and internationally patented method for the direct electrical sensing of nucleic acid amplification. This platform will allow top local scientists and life sciences industry leaders to design new assays in infectious disease, agriculture, veterinary, food, medicine, and aquaculture testing.
The second area of collaboration will bring the be.well™ COVID-19 test to Barbados. Export Barbados will spreadhead the procurement of the be.well™ COVID-19 tests and analyzers for use in doctor’s offices, laboratories, and other point-of-care settings. Ultimately, the goal is to have the tests readily available for use in every Barbadian household.
Thirdly, the partnership will focus on refining Alveo’s next-generation be.well™ platforms. Alveo’s new high-throughput desktop be.well™ platform, designed for higher volume testing in labs and clinics, combines ten reusable portable analyzers for simultaneous use. It will be beta tested by life science leaders in Barbados.
Chief Executive Officer of Export Barbados, Mark Hill, speaking on the signing of the MOU, noted that Barbados’ life sciences industry is poised for growth and to become a significant player in the global industry.
CEO Hill stated, “Many efforts have been underway in recent years to develop Barbados into a biotechnology hub in the Caribbean. We are pleased to partner with Alveo Technologies and explore new applications for this exciting molecular diagnostic technology in the life sciences. We are confident that Barbados, which produces 1500 science graduates every cohort, is in a key position to help Alveo advance its technology, while proving our worth to the global life science industry”.
Meanwhile, Alveo’s CEO Shaun Holt said the company is thrilled to have signed the MOU with the Government of Barbados through Export Barbados (BIDC) and looks forward to making progress together.
“Barbados has an emerging life sciences ecosystem with tremendous potential. This collaboration makes highly sensitive molecular testing broadly accessible in Barbados, potentially improving healthcare for individuals, while providing a platform for innovation for the life sciences community. Our open-source partnering model will tap into Barbados’s deep life science capabilities and rapidly develop additional be.well™ solutions; customers win from the expanded testing library, and Barbados wins from shared revenue and IP ownership,” added CEO Holt.
The work under the MOU commenced on January 4, 2023, and is to run for two years initially.