Babson Diagnostics Announces Strategic Investment from BD
AUSTIN, Texas--(BUSINESS WIRE)--Oct 8, 2024--
Babson Diagnostics, a science-first healthcare technology company, today announced that BD (Becton, Dickinson and Company), a leading global medical technology company, has made an investment in Babson, strengthening their long-term strategic partnership to expand access to blood testing.
BD has more than 75 years of specimen management experience and is the world leader in blood collection technology. The company joined Siemens Healthineers, an existing strategic investor, and Emerald Development Managers LP, a Series B lead investor, to provide new financing to support Babson’s commercial launch.
In May, Babson launched BetterWay blood testing at local pharmacies in Austin. BetterWay is a breakthrough innovation in diagnostic testing. It uses a small amount of blood—about the size of a pea—from a fingertip to diagnose and monitor a variety of chronic conditions, from hypertension to high cholesterol.
“BD’s investment in Babson demonstrates its commitment to our mission to reimagine the blood testing experience and make it more friendly, convenient, and affordable,” said David Stein, Babson’s CEO. “We look forward to advancing what has already been an extremely productive strategic partnership.”
BD and Babson have collaborated since 2016 to develop a novel blood collection device that obtains blood samples from the fingertip for some of the most ordered blood tests. In December, BD received 510(k) clearances from the U.S. Federal Drug Administration for the BD MiniDraw™ Capillary Blood Collection System. The device makes blood testing less invasive by eliminating needlesticks in the arm and the collection of large tubes of blood. BD research has found that needlesticks are an often-overlooked challenge for patients. More than half of Americans (51%) report some fear of needles, and of that group, a top reason is fear of needing multiple needle insertions. 1
BetterWay integrates the BD MiniDraw with Babson’s proprietary sample preparation and hand-warming technologies to enable conveniently located retail pharmacies to collect high-quality capillary samples without requiring phlebotomists and laboratory technicians. Samples collected at pharmacies are analyzed using Babson’s proprietary microsample laboratory testing technologies at the company’s state-of-the-art lab in Austin.
“Our investment demonstrates our commitment to our strategic partnership with Babson Diagnostics,” said Bridget Bagnato, worldwide president of Specimen Management for BD. “Together, Babson Diagnostics and BD are moving blood testing to more convenient locations and delivering a better blood testing experience for patients.”
About BetterWay blood testing
BetterWay is blood testing reimagined: convenient and affordable fingertip collection at local pharmacies. Available now in Austin, Texas, BetterWay is a customer-first experience, where friendly pharmacy staff collect pea-sized samples from the fingertip instead of vials of blood from the arm. Customers have the choice to self-order or order with a doctor. Fair prices enable everyone to access routine testing with self-pay, and tests are eligible for insurance and FSA/HSA coverage. Samples are transported from the pharmacy to Babson Diagnostics’ clinical laboratory, and customers receive easy-to-understand results in one to two days. For more information, visit betterway.com.
About Babson Diagnostics
Babson Diagnostics is a science-first healthcare technology company reimagining the diagnostic blood testing experience. Babson's mission is to make routine blood testing friendly, convenient, and affordable, empowering people to take charge of their health. Through rigorous, extensive clinical research, Babson has become the world’s thought leader in the use of capillary blood for routine testing and developed technologies representing a new standard in diagnostics. The company is named in honor of Art Babson, whose legacy of scientific innovation and excellence is the foundation on which the company is built. For more information, visit babsondx.com.
1https://news.bd.com/2024-03-27-New-Survey-Reveals-Patients-Receive-Too-Many-Needlesticks
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CONTACT: Media inquiries only:
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BabsonDX@finnpartners.com
323-572-5361
For general inquiries:discover@babsondx.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY RESEARCH MEDICAL DEVICES HOSPITALS OTHER TECHNOLOGY HEALTH TECHNOLOGY BIOTECHNOLOGY HEALTH SCIENCE
SOURCE: Babson Diagnostics
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