The Innova Medical Group Story
Responding to the Pandemic - Leveraging Healthcare & Medical Device Expertise to Create a Health Passport Ecosystem
Pasaca Capital Inc. quickly recognized the far-reaching economic implications of the COVID-19 spread to its business, a private equity group specializing in healthcare, manufacturing, high-tech, infrastructure, and entertainment, and the worldwide economy. With their wholly-owned subsidiary, Innova Medical Group, Inc. (IMG), Pasaca Capital strategically pivoted and leveraged their expertise in Healthcare and Medical Devices to create an ecosystem to respond to this pandemic.
To minimize the spread of COVID-19, cost-effective and reliable testing became a critical public health demand. IMG worked closely with top medical diagnostic firms, as well as leading research and development groups, to build a portfolio of testing solutions. IMG also secured exclusive manufacturing and distribution agreements in several strategic global locations.
The Innova Medical Ecosystem acts as a “health passport” with its best-in-class portfolio of screening and diagnostic tests. A European Union (EU) and the United Kingdom/National Health Service (NHS) approved antigen rapid test can detect SARS-CoV-2, the virus that causes COVID-19, in as little as 15 minutes with 98.98% accuracy.
The FDA Emergency Use Authorization (EUA) is in process for this saliva, nasal/throat swab, and buccal scrape test which can be administered in a non-laboratory and high-traffic environment. With its low cost, convenient room temperature storage, and simple procedure, this reliable test lets people gain freedom and peace-of-mind. Up to 40 percent of infected people are asymptomatic according to the CDC. Researchers say they could be most contagious days before they display symptoms.
UK Government Secures Millions of INNOVA SARS-CoV-2 Test Kits After Completing Successful Clinical Validation Studies
at Public Health England
The government of the United Kingdom secured millions kits of the INNOVA SARS-CoV-2 Antigen Test after their accuracy was validated at Public Health England’s Porton Down facility. UK Health Secretary, Matt Hancock, said the tests showed “real promise” and announced they will invest in manufacturing capacity to produce them in the UK. Already, manufacturing plants for huge volumes of IMG antigen rapid diagnostic tests have been set up in the US, Northern Ireland, and China.
The fall 2020-completed UK trial showed the IMG test had a 100 percent specificity to correctly identify a positive sample, with a 96 percent sensitivity to correctly identify a negative sample.
As the coronavirus circulates, mass testing could help reopen economies. As a vaccine for the novel coronavirus remains under development, global populations anticipate a second wave during the winter months of 2020; a dire situation when COVID-19 can combine with other respiratory viruses. Production of the IMG antigen rapid diagnostic test is projected to reach eight million units per day by January 1, 2021.
What's Next for Innova Medical Group?
IMG’s COVID-19 Ecosystem can deliver millions of tests every day to satisfy the diverse, point-of-care requirements of governments, large corporations, major sporting venues, institutions, and manufacturing or food processing plants.
IMG is working to roll out home testing kits with saliva sampling for asymptomatic patients who suspect exposure to SARS-CoV-2.