The group, led by the Soros Economic Development Fund, will invest at least £30m in Mologic, a developer of lateral flow tests including a 10-minute COVID-19 diagnostic, aiming to eventually make it for $1. We don’t know about you, but to us, this sounds like left wing billionaires attempting to cash-in on a global tragedy. “Mologic’s transition into a social enterprise is a deliberate, logical and natural step for a company focused on delivering affordable diagnostics and biotechnology to places that have been left underserved by the relentless pursuit of profiteering,” said Mark Davis, chief executive of Mologic. It was established by Prof Paul Davis – who also helped create ClearBlue, the world’s first home pregnancy test – and his son Mark. Mologic, set up in 2003, has developed tests for tropical diseases such as dengue, bilharzia and river blindness. “In this unique transaction, philanthropic funds and investors are working together with a skilled and visionary management team in a truly innovative way to address at least one part of that failure by enabling a cutting-edge, commercial business to focus all its resources on solving one of the world’s most pressing public health issues.” “The Covid-19 pandemic has painfully demonstrated the fundamental inequities in global public health, and in particular the crucial importance of access in low and middle-income countries to low-price, high-quality, life-saving diagnostic tools,” said SEDF chief executive Sean Hinton. With backing from the Bill & Melinda Gates Foundation, the Soros Economic Development Fund, an arm of Mr Soros’s Open Society Foundations, will invest at least £30 million ($41.1m) to improve the standard of medical technology in the developing world.Īs part of the deal, Mologic and a non-profit sister company Global Access Diagnostics will be integrated into a new enterprise called Global Access Health. They appear to be turning a blind eye at Soros and Bill Gates spending $41 million to purchase a COVID company.īillionaires Bill Gates and George Soros have joined the acquisition of UK company Mologic, which helped develop Covid-19 rapid lateral flow tests.
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