LuminUltra and the Value of Investing in BioscienceAndrew Byrne December 1, 2020
As it continues to grow, Fredericton based company LuminUltra doesn’t just demonstrate that New Brunswick often punches well above its weight, it showcases the value of investing in the biosciences and the bioeconomy. Yesterday, they announced the acquisition of Source Molecular, “a leader in lab-based testing solutions for microbial source tracking of pathogens including SARS-CoV-2, the virus that causes COVID-19.”
The announcement on November 30th that the local company has just acquired the Miami based biotech company, is just the latest in a string of newsworthy announcements involving a New Brunswick bioscience champion.
Back in April, Prime Minister Trudeau announced their investment in LuminUltra to help support their scale-up, enabling them to supply 500,000 COVID-19 tests per week to the country’s health authorities. Since then, LuminUltra has announced continued growth, evidenced by their new product launches, filed patents and the explosion of their jobs board.
Their ability to respond to the Prime Minister’s call-to-action immediately and the subsequent federal investment is just another case study of the benefits attained when governments invest in the bioscience sectors. We look forward to following the growth of LuminUltra as they help in the fight against COVID-19 and all the other bioscience companies in New Brunswick as they help innovate and grow our bioeconomy. You can read the full LuminUltra release here.