Periodic Reporting for period 1 - FABER-Net (FABER-Net: A unique network of labs dedicated to the diagnosis of allergies using the innovative FABER test)
Reporting period: 2019-05-01 to 2019-08-31
>1 billion people are affected by allergies globally, of which >150 million are in Europe. Indeed, allergies are the most common chronic disease and they are a worldwide epidemic. Allergies cause clinical symptoms such as rhinitis, asthma and atopic eczema, but they also cause distress by inducing in those affected the fear of an asthma attack, anaphylactic shock, or death from an allergic reaction. Because of the high number of patients involved, allergies have high costs for healthcare systems, businesses and society: in the EU, the costs of absenteeism of patients who are insufficiently treated for allergy is between €55 and 151 billion/year, while in the US the annual overall cost of allergies is >€15.5 billion.
In order to confirm the feasibility of our technology, we have carried out a 4-months study focusing on three main areas: technical, commercial and financial. Technically, we have identified and selected new allergens to be included in the FABER test. We have outlined the Standard Operational Process (SOP’s) to collect and ship the blood samples from the lab network. We have also prepared a complete Execution Plan for the development of FABER test technology and the expansion of the labs network, including planning, organization, risk analysis and budget. Commercially, we have assessed the target markets, including the competition, to prepare our marketing strategy. We have also performed a patent search to ensure our Freedom-to-Operate. Regarding economic aspects, financial forecasts, based on the marketing and price policy, have been drafted to evaluate on a 5-year-projection.
FABER test is a new multiplex nanotechnology–based diagnostic system for allergy diagnosis with one of the highest number of allergens currently available (301). It is non-invasive and totally risk-free for patients. The test runs in a single step and in less than 8 hours. Thanks to its precision and reliability, combined with the expertise of ADL interpreting the test results, provides an accurate picture of the patient’s conditions with only one test. This cuts the costs and time needed to get a diagnosis and optimizing national health systems’ resources. Moreover FABER-NET project will enable our company to grow, both financially- achieving cumulative revenues of approx. €18.19M and gross profits of €10.14M in 2026- and in personnel- we will hire 17 more people.