July 31, 2020 -- The U.S. National Institutes of Health (NIH) is touting the results of its "Shark Tank" approach to spurring development in COVID-19 testing technologies, with $248.7 million invested in a variety of different methods that promise rapid results.
In a July 31 press briefing, the NIH discussed seven companies that have received grants for COVID-19 tests through grants from its NIH's Rapid Acceleration of Diagnostics (RADx) initiative, which it says evaluates technology in a similar way as the reality business investment TV show Shark Tank. A range of tests are in development and the award winners include lab-based as well as point-of-care (POC) products. In a statement, the NIH said that the crop of new tests could increase the number of available tests that can be conducted each day by millions, perhaps as early as September. Funding derives from a $1.5 billion appropriation from Congress in April to support new test technologies during the COVID-19 pandemic.
The following companies and products are the recipients: