The new bet of George Soros and Bill Gates linked to the coronavirus | They will finance the Mologic company

Mologic company, dedicated to the development of tests and technologies to quickly and economically diagnose tropical diseases, recently announced that it will become a social enterprise with the support of a group of philanthropic funds and investors led by billionaires George Soros (Soros Economic Development Fund) and Bill Gates (Bill Foundation) and Melinda Gates.

In a press release, the company said the investors, who are part of the recently launched Global Access Health (GAH) and allocated US $ 41 million, They will seek to expand access to affordable cutting-edge medical technology through decentralized research, development and manufacturing in and for countries of the South.

The company, based in Bedford, UK, is a developer of lateral flow and rapid diagnostic technologies that include tests that can help fight tropical diseases such as dengue fever, bilharzia and river blindness, as well as than covid-19.

“The transition to a social enterprise is a deliberate, logical and natural step for a company focused on bringing affordable biotechnology and diagnostics to places that have been overlooked by the relentless pursuit of profit,” explained the CEO of Mologic. , Mark Davis.

He added: “With the support of our shareholders, donors and partners, we have come a long way. We believe we have the people and skills to meet the challenges and opportunities that lie ahead, and we hope this unique transaction sets an example for others.

As detailed in the statement, “The transaction is important because it transforms a world-class for-profit business into a social enterprise and this allows you to fully reinvest your earnings in the pursuit of these goals. “

They also noted that “this transformation will give it the capacity to fill gaps in the delivery of global diagnostics to low-income communities and regions that profit-driven businesses have not addressed.”

“The covid-19 pandemic has painfully demonstrated the fundamental inequalities in global public health and, in particular, the critical importance of access in low- and middle-income countries to high-quality, low-cost diagnostic tools that save lives, ”he said. Sean hinton, Executive Director of the Soros Economic Development Fund (Sedf).

In this sense, Hinton felt that “in this unique transaction, philanthropic funds and investors are working with a trained and visionary management team in a truly innovative way to at least partially remedy this failure by enabling a commercial enterprise de -art is focusing all of its resources on solving one of the world’s most pressing public health problems. “

Mologic was created in 2003 by Mark Davis and his father, Professor Paul Davis, one of the original creators of ClearBlue, the world’s first home pregnancy test.

GAH will combine Mologic and a sister nonprofit Global Access Diagnostics (GAD), which the founders of Mologic launched in April 2020 with support from the Soros fund and others. Mark Davis will continue as CEO of Molgoic and Paul Davis will remain as Scientific Director of the company.