Meridian Bioscience Expands Production Capacity with Support from NIH, JobsOhio, and the Village of Newtown

Rhea-AI Summary

Meridian Bioscience (NASDAQ: VIVO) has announced an expansion of production for its SARS-CoV-2 diagnostic test on the Revogene® platform, following a $5.5 million award from the NIH and additional funding from JobsOhio. This initiative aims to increase production at its Quebec facility and build a new state-of-the-art facility in Newtown, Ohio. The goal is to reach a capacity of 800,000 tests per month by the end of 2021, supporting the demand for COVID-19 testing amidst the pandemic.

Positive

• Received $5.5M from NIH and additional funding from JobsOhio for expansion.
• Set to increase production capacity to 800,000 tests/month by end of 2021.
• Creation of 45 new jobs as part of the expansion.

Negative

• None.

CINCINNATI, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Meridian Bioscience, Inc. (NASDAQ: VIVO), a provider of diagnostic testing solutions and life science raw materials, today announced that it will increase production capacity of the company's SARS-CoV-2 molecular diagnostic test on its Revogene^® platform after receiving a $5.5M award from the National Institute of Health (NIH) Rapid Acceleration of Diagnostics (RADx^SM) initiative and an additional grant from JobsOhio.

The funding will help Meridian expand production of Revogene^® test kits in the Quebec City facility and build a new semi-automated, state-of-the-art, two-line production facility near the corporate headquarters in the Village of Newtown (Cincinnati, OH). The expansion will be completed in phases over the coming months and is expected to yield a maximum capacity of 800,000 Revogene^® tests per month by the end of calendar year 2021.

"We are excited to be in the final stages of bringing the Revogene SARS-CoV-2 assay to market,” said Tony Serafini-Lamanna, Executive Vice President - Diagnostics. “Our customers continue to search for more tests to battle this wave of the coronavirus pandemic and this support from our Federal, State and Local governments will be instrumental in scaling our manufacturing capacity.”

NIH launched the RADx^SM initiative to speed innovation in developing, commercializing, and implementing technologies for COVID-19 testing. Meridian Bioscience is one of 27 projects that have moved to Phase 2, with a focus on scaling manufacturing to increase the capacity of testing in the U.S.

NIH Director, Francis S. Collins, M.D., Ph.D. commented during the launch of the RADx^SM initiative in April 2020 saying, "Now is the time for that unmatched American ingenuity to bring the best and most innovative technologies forward to make testing for COVID-19 widely available."

JobsOhio and REDI Cincinnati are partnering with Meridian to support its growth on the Meridian Bioscience campus in Newtown, Ohio. Meridian received a JobsOhio Economic Development Grant as part of its commitment to create 45 new jobs and invest more than $7 million in Ohio. The Village of Newtown has also provided support to the project through tax abatements applied to the buildout of the newly leased facility.

“Meridian Bioscience’s investment near its Cincinnati headquarters is an example of how Ohio healthcare companies are front and center in the battle to defeat COVID-19,” said J.P. Nauseef, JobsOhio President and CEO. “We and our partners at REDI Cincinnati welcome this expansion at Meridian’s Newtown facility, where talented Ohioans will play a critical role bringing the newest advancements in COVID testing to the North American market.”

"Meridian has been a valued, long-term resident of Newtown for over 40 years and is once again expanding their presence through economic investment and the addition of 45 full-time jobs. We are proud of the contribution Meridian is making to the fight against this pandemic and happy we are able to support them in their expansion," said Mayor of Newtown, Mark Kobasuk.

This project has been funded in part by the NIH Rapid Acceleration of Diagnostics (RADx^SM) initiative with Federal funds from the National Institute of Biomedical Imaging and Bioengineering, National Institutes of Health under Contract No: 75N92021C00003. The current contract is funded from the Public Health and Social Services Emergency Fund through the Biomedical Advanced Research and Development Authority, HHS Office of the Assistant Secretary for Preparedness and Response, Department of Health and Human Services.

The Revogene^® SARS-CoV-2 Molecular Diagnostic Test has not been FDA cleared or approved.

For more information on the Revogene^® SARS-CoV-2 test, please visit https://www.meridianbioscience.com/human-condition/respiratory/coronavirus/revogene-sars-cov-2/.

About the National Institutes of Health (NIH) and RADx Initiative
NIH, the nation's medical research agency, includes 27 Institutes and Centers and is a U.S. Department of Health and Human Services component. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.

The RADx initiative was launched on April 29, 2020, to speed innovation in the development, commercialization, and implementation of technologies for COVID-19 testing. The initiative has four programs: RADx Tech, RADx Advanced Technology Platforms, RADx Underserved Populations, and RADx Radical. It leverages the existing NIH Point-of-Care Technology Research Network. The RADx initiative partners with federal agencies, including the Office of the Assistant Secretary of Health, Department of Defense, the Biomedical Advanced Research and Development Authority, and U.S. Food and Drug Administration. Learn more about the RADx initiative and its programs: https://www.nih.gov/radx.

About JobsOhio
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention, and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO. Learn more at www.jobsohio.com.

About Meridian Bioscience, Inc.
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic products. We are dedicated to developing and delivering better solutions that give answers with speed, accuracy and simplicity that are redefining the possibilities of life from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular tests for human, animal, plant, and environmental applications. Through diagnosis, we provide diagnostic solutions in areas including gastrointestinal and upper respiratory infections and blood lead level testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers, and biotech companies in more than 70 countries around the world.

Meridian’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.

Contact:
Charlie Wood
Vice President – Investor Relations
Meridian Bioscience, Inc.
Phone: +1 513.271.3700
Email: mbi@meridianbioscience.com

 

FAQ

What is the funding amount Meridian Bioscience received for expanding its COVID-19 test production?

Meridian Bioscience received $5.5 million from the NIH for expanding its production capacity.

What is the expected production capacity for Meridian Bioscience's Revogene test by the end of 2021?

The expected production capacity for the Revogene test is 800,000 tests per month by the end of 2021.

Where is Meridian Bioscience expanding its production facilities?

Meridian Bioscience is expanding production at its Quebec City facility and building a new facility in Newtown, Ohio.

How many jobs will Meridian Bioscience create with its expansion?

Meridian Bioscience plans to create 45 new jobs as part of the expansion.

What is the stock symbol for Meridian Bioscience?

The stock symbol for Meridian Bioscience is VIVO.