Deeside-based Reacta Biotech is on course to secure a market authorisation for its peanut diagnostic product within the next two years as global activity to treat peanut allergies accelerates.
Reacta expects Nestlé Health Sciences’ $2.6bn acquisition of Aimmune to accelerate demand for food allergy diagnostics as the California-based biotech business has already received FDA approval for the worlds’ first therapy to actively treat peanut allergies.
Reacta was established in 2014 by co-founder and non-executive chairman Professor Ashley Woodcock and is now led by healthcare entrepreneur Dr Paul Abrahams as chief executive.
The company develops food science technologies to improve the efficiency, accuracy and safety of diagnosing food allergies through its oral food challenge (OFC) products. Having raised £1.25m equity finance in early 2020, Reacta’s funders include the Development Bank of Wales, Moulton Goodies and Acceleris Capital.
Reacta’s first peanut allergy diagnostic product is currently being used as a gold standard OFC diagnostic to support clinical trials being conducted by several companies globally in the field of food allergy therapy.
Dr Paul Abrahams said: “We’re making good progress with the development of our peanut allergy diagnostic product and expect the acquisition by Nestlé Health Sciences of Aimmune to generate more resource and attention to this relatively nascent market from both a therapeutic and diagnostic perspective.
“We are confident that we can leverage off the benefits which will come from Nestlé Health Sciences further strong endorsement of the sector as we continue to focus on securing a market authorisation.”
Michael Bakewell, a deputy fund manager who manages technology venture investments at the Development Bank of Wales, added: “Food allergies have become a major global health problem affecting around 250 million people worldwide.
“With the benefit of equity investment, Reacta is quickly building a strong name in the global food allergy diagnostic market. They are very much on course to becoming the gold standard oral food challenge diagnostic supplier in the market and with our continued support they have every opportunity to achieve their growth ambitions.”
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