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Sight Diagnostics partners with Phoenix Capital to extend Sight's footprint in the Middle East.
FREMONT, CA: Sight Diagnostics, delivering lab-grade Complete Blood Count (CBC) results in minutes, announces a distribution partnership with Phoenix Capital to extend Sights footprint in the Middle East. Through the collaboration, Sight will provide OLO analyzers the company's decentralized, lab-quality diagnostic technology to medical centers across the Middle East to assist providers in making rapid and informed treatment decisions.
Several outpatient clinics in the United Arab Emirates are presently operating mini-labs with legacy diagnostic technologies like flow cytometry, which need large, expensive machines that are not suited for point-of-care (POC) settings. There is a mounting demand for modern POC diagnostics in the Middle East and Africa, with the market projected to reach $2.85 billion by 2024.
Sight OLO allows fast, accurate, convenient blood diagnostics by offering CBC results in minutes at the point-of-care. About the size of a toaster oven, OLO is compact, small, and light-weight, letting for quick, simple set-up wherever it is needed. Unlike conventional CBC analyzers, Sight OLO does not need reagents or manual quality control checks, making it seamless for smaller clinics or independent practices to access and operate.
Phoenix Capital chose Sight OLO because it simply meets the requirements of the clinics it distributes to. With the influx of patients because of COVID-19, having access to fast, accurate fingerprick diagnostics is important to rapidly and correctly triage and treat the clinic's patients. Phoenix Capital will distribute Sight OLO to the nine medical centers it owns across the UAE. Over the next year, Sight will function with Phoenix Capital to expand the OLOs install base in the rest of the Gulf Cooperation Council region.
This distribution partnership follows an investment partnership between Phoenix Capital and OurCrowd, one of Sight's longtime investors that recently participated in the diagnostic company's $71 million Series D funding round. Sight OLO gained regulatory approval for use in the UAE and is CE Marked according to the IVD European directive at care settings. In the United States, Sight OLO is cleared for use in moderate complexity laboratories; it has not yet been cleared for point-of-care use.