NEW YORK – Sight Diagnostics announced on Wednesday a distribution deal with Phoenix Capital to provide Sight OLO blood analyzers to medical centers in the Middle East.
OLO is a decentralized blood count diagnostic technology that captures more than 1,000 images from two drops of blood from a finger prick or venous sample. The instrument is about the size of a toaster oven and does not require reagents or manual quality control checks.
Phoenix will initially distribute Sight OLO to nine medical centers in the United Arab Emirates. Over the next year, the partners will work to expand Sight OLO's installed base to the rest of the Gulf Cooperation Council region.
According to Tel Aviv-based Sight Diagnostics, most outpatient clinics in the UAE currently operate minilabs with legacy diagnostic technologies, such as flow cytometry, that require large, expensive instruments. As a result, there is a demand for point-of-care technologies.
"We’re determined to democratize access to rapid, accurate, and convenient diagnostics in countries around the world," Sight CEO and Cofounder Yossi Pollak said in a statement. "We’re looking forward to expanding into this new market through our partnership with Phoenix Capital to help meet the needs of emergency rooms, clinics, hospitals, and other care facilities that have been impacted by COVID-19."
In August, Sight raised $71 million in a Series D financing round. The Sight OLO has regulatory approval for use in the UAE and has received the CE mark according to the IVD European directive at point-of-care settings. In the US, it has 510(k) clearance for use in moderate-complexity laboratories but is not yet cleared for point-of-care use.