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| Land | Norge |
|---|---|
| Lista | 5542285 |
| Sektor | Hälsovård |
| Industri | Bioteknik |
OSLO, NORWAY - December 21, 2023: Today, Microbiome DX company Genetic Analysis AS ("GA" or the "Company") announces a collaboration with Comono AS ("Comono") to develop a digital business platform for microbiome testing for the consumer market. The digital platform is already in advanced development, and a Joint Venture ("JV") will be set up to complete the development and commercialize the consumer offering with an expected launch in Q2 2024. This JV aims initially to target the Nordic consumer market through online sales. By combining GA's validated testing platform and bacteria know-how with advanced software, GA enters a strategic move into the microbiome consumer testing market to deliver a unique and user-friendly testing service ideal for the consumer market.
Ronny Hermansen, CEO of Genetic Analysis, comments:
"There is a significant unmet need for high-quality, standardized, and user-friendly microbiome tests in the consumer health space. I am delighted to share that we have found the ideal collaboration partner enabling us to focus on this market, with a solution that can easily be expanded internationally. GA's superb quality gut testing platform combined with our partners advanced software solutions will result in an efficient high-quality offering to consumers. This is a step well in line with the updated targets and strategy communicated in the subsequent offering".
Comono has a proven track record of successfully developing digital solutions and companies, particularly in the health sector. In our collaboration, GA will combine its microbiome testing expertise and extensive bacteria database with state-of-the-art software to establish a platform dedicated to consumer microbiome testing, with a primary emphasis on gut health. GA will provide its testing services to the JV from its service lab in Oslo. In return, the JV's initial focus is on reaching the Nordic consumer market through online sales. The platform's digital adaptability positions it for seamless expansion into other markets, including Europe, the US, and the Asian market in the future. This platform is designed to swiftly deliver precise, high-quality, and actionable results to consumers. By doing so, GA aims to set a new standard in consumer microbiome testing in an era of advancements in health insights.
The formation of the Joint Venture is underway, and GA will acquire a 33 percent ownership by investing NOK 500k. Initially, both GA and Comono will collectively invest a total of NOK 1.5 million, ensuring funding up to the product launch. In 2024, the JV aims to secure additional capital by attracting new investors and obtaining contributions from existing shareholders.
About the consumer market
Approximately 20 percent of the Western population is suffering from gut-related problems/conditions, and the microbiome testing market is expected to increase significantly in the coming years as consumers are focused on better health. The trend within wellness, healthy lifestyle, and self-testing have accelerated post-covid. Reliable market size statistics for consumer gut microbiome testing in Europe are lacking. However, a good indication of the importance and potential growth of the market is illustrated by looking at the European probiotics market, expected to reach USD 18.76 billion by 2028, up from USD 12.40 billion in 2022, and growing at a CAGR of 7.14 percent during the forecasted period. The size of the probiotics market illustrates that there is a huge spending willingness related to challenges with disturbed gut health, and so also the interest and need for microbiome testing. (https://www.arizton.com/market-reports/europe-probiotics-market)