iAssay developed an open platform for wireless Point of Care (POCT) diagnostics.
Why is your company the best option to solve the problem you're solving?
There is no other option for providing an all in one point of care Cloud-connected diagnostics solution with results in minutes, and available for review via an internet portal. Currently, there are plenty of point of care tests cleared by the FDA, but to use them, a healthcare provider has to have a suitcase full of readers to read enough tests to properly diagnose patients. That's why point of care hasn't taken off yet. Besides, most point of care devices are a "dead end" for data: most just have a data display that requires transcription to health records, some have a cabled solution for transferring data to a PC, a very few actually transmit results to a Laboratory Information System (LIS) or an Electronic Record System. iAssay has developed a patented (and patents pending in US and Internationally) system that not only can consolidate the use of point of care cartridges of various formats and technologies, but also captures the test data in the Cloud. The open platform concept is not new, but iAssay is bringing it to Point of Care for the first time. When COVID-19 hit, iAssay was able to immediately adapt to new Serology tests that detect COVID-19 antibodies. Validation is happening as this is being written, and the CyberReader will be in service very soon.
What nuggets of info make you interesting? Why do people care about what you're doing?
Many are just plain interested because the iAssay System is so different than anything that has been introduced to the Point of Care market. The model of placing an instrument at no or low charge and collecting a $2 "click charge" per test commission in The Cloud is unique in point of care. Most people have never considered it, and it interests them. We have heard people say that when they get sick, they hope that there is an iAssay device available to be used for them. Many are intrigued about iAssay's ability to pivot into the COVID-19 fray almost instantaneously.
What else do you want us to know?
The vision of the company is to save lives and create a return on investment to those clever enough to realize a great opportunity when they see one. Eventually, we'll see iAssay devices in Sub-Saharan Africa and other low resource environments in the back of a LandRover acting as a laboratory that you hold in your hand for those who have hours to live without a diagnostic test, and iAssay provides that life-saving test. That will make it all worth it.
BEHIND THE COMPANY
Founder/CEO: Lonnie Adelman
What is your company's secret sauce?
Home-grown patented technology, out of the box thinking, and great engineering.
What inspired you (CEO/Founder) to start/run this company?
Saving lives on the spot. Being able to provide patients with the comprehensive set of tests needed to triage their condition in 5 minutes, and allow remote care providers to see the whole picture on an internet portal immediately, and maybe on the other side of the world.
What's the best entrepreneurial advice you've received?
Get the best possible people to be part of the venture. Even if you can't get a lot of their time, take the time that they are willing to give. This has always worked for me, and typically, I got more time than was originally promised because people realize that I trust their capabilities and skills, and don't waste their time.
What's the worst entrepreneurial advice you've received?
If you don't succeed in a year, give it up. Sometimes things take over a year. Try raising a kid in a year : ) Reminds me of people who had 20 majors in college, 600 units, but never graduated because they kept giving it up.