Babson Diagnostics
Babson Diagnostics is an Austin-based healthcare technology company founded in 2017. The company's goal is to revolutionize blood testing with its proprietary BetterWay blood testing system, enabling small-volume blood collection through finger prick technology.[1]
Technology and Approach
[edit]Babson Diagnostics' BetterWay system utilizes a minimally invasive technique that requires only a fraction of the blood typically used in standard venipuncture. This is made possible through a collaboration with BD (Becton, Dickinson and Company), which developed the BD MiniDraw device for fingertip blood collection.[2][3] Per a The Wall Street Journal article, samples are processed at Babson’s CLIA-certified and CAP-accredited laboratory, using Siemens Healthineers’ Atellica solution, which allows for accurate testing despite the small volume of blood. The blood tube is placed in a Babson machine on-site, which scans the sample and conducts reverse centrifugation, a process that separates serum and plasma from the blood.[1]
Babson has also conducted a number of internal clinical trials to validate its technology, though these studies have yet to be published in peer-reviewed journals.[3]
Market and Availability
[edit]Babson Diagnostics has partnered with retail pharmacy chains such as H-E-B and Peoples Rx in Texas to offer its blood testing services, which according to the company makes them more accessible to consumers. The company's blood tests include routine tests commonly used in annual checkups, such as blood counts, metabolic panels, and lipid panels, at affordable prices.[4][5]
The company began commercializing its blood testing services in Austin in 2023 and plans to expand to other regions in Texas, including San Antonio. It has garnered attention for making medical tests more accessible by offering them in retail settings rather than in traditional clinical environments.[6]
Comparisons to Theranos
[edit]Despite frequent comparisons to the infamous Theranos, Babson Diagnostics emphasizes its transparency and reliance on well-established scientific processes. Unlike Theranos, Babson works with established diagnostics companies like BD and Siemens and complies with FDA regulations.[7] Babson’s leadership stresses that their technology is well-validated and fundamentally different from the failed approach of Theranos.[5] [8]
Funding and Recognition
[edit]In 2023, Babson raised $31 million in Series B funding led by Emerald Development Managers and Siemens Healthineers.[9] In 2024, the company received the MedTech Breakthrough Award for Best New Diagnostic Technology Solution, recognizing the innovative nature of its BetterWay blood testing solution.[6] It also won the 2023 Austin Inno Madness Award for which it was featured on Austin Business Journal. [10] The company had previously raised $13.7 million in its Series A round in 2020. The investors in this round were Siemens Healthineers, Prism Ventures, Genesis Merchant Capital, and Lago Consulting Group.[11]
References
[edit]- ^ a b "Finger-prick blood test companies seek to avoid Theranos missteps". The Wall Street Journal. Retrieved 20 September 2024.
- ^ "An Austin company is marketing finger-prick blood tests years after Theranos failure". Texas Public Radio. Retrieved 20 September 2024.
- ^ a b Proffitt, Allison. "Babson Diagnostics' Makes Consumer-Initiated, Small-Volume Blood Testing Reality". Retrieved 20 September 2024.
- ^ "Health care tech company Babson launches easier blood tests in Austin pharmacies". Axios. Retrieved 20 September 2024.
- ^ a b "Babson Diagnostics is taking on blood testing where Theranos failed". Texas Monthly. Retrieved 20 September 2024.
- ^ a b "Babson Diagnostics' New Blood Test Gets MedTech Breakthrough Award". Clinical Lab Products. Retrieved 20 September 2024.
- ^ "Finger-prickin' good: Are simpler blood tests seeing new life years after Theranos' demise?". The Week. Retrieved 20 September 2024.
- ^ Pedersen, Amanda (2 Jun 2023). "It's Time to Flip the Script on Blood Testing". Retrieved 20 Sep 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "Babson Diagnostics Raises $31M Series B". Built In Austin. Retrieved 20 September 2024.
- ^ www.bizjournals.com https://www.bizjournals.com/austin/inno/stories/news/2023/04/07/meet-the-2023-austin-inno-madness-champions.html. Retrieved 2024-09-21.
{{cite web}}: Missing or empty|title=(help) - ^ Carlson, Kara. "Austin's Babson Diagnostics raises $13.7M, gets new CEO". Austin American-Statesman. Retrieved 2024-09-21.