iAssay Business Accelerates
This is the last opportunity to get out a team recap before this this exciting year ends. iAssay’s best year ever for sure. Here are the major highlights for the year:
- Wan Kuo joined the company as our Buyer/Planner, and she is setting up the Purchasing function at iAssay. We are moving from an Excel-based/manual purchasing and inventory system to a more efficient and automated system.
- Vicky Peña has joined iAssay as our new Executive Assistant..
- iAssay has raised more equity in 2021 than in any other year, and the company now intends to raise another $650K to finish the Seed Round. I would appreciate it very much if you would consider a financial investment in the company, and would be glad to discuss that with you at any time. Please contact me at info@iAssay.net .
- We had minimal revenues in 2020. Revenues increased over 2000X year-over-year, with most of the revenues in the last half of 2021.
- iAssay received a $50K nondilutive Air Force SBIR I. They call it a contract, but it is like a grant. With it, iAssay now has sole source justification with the US Government. We intend to leverage that.
- iAssay received a Memorandum of Understanding (MOU) with the US Navy to work with iAssay on producing infectious disease panels using our CyberReader to combine multiple test cartridges (e.g., Flu A/B, Strep, and COVID-19) on a single adaptor.
- The MOU was a “gate” that allowed us to apply for a $750K nondilutive Air Force SBIR II. An Air Force group agreed to function as a Technical Point of Contact (TPOC) for the anticipated contract. We are considering the termination of the remainder of the Seed Round effort if we receive this contract.
- Our CyberReader™ was shown virtually at the annual MEDICA healthcare tradeshow in Germany last month by our partner. That has already generated two hot leads, one in the US, and one in France to automatically read drug screening cards that screen up to fourteen drugs.
- The USPTO has sent us documentation indicating that they will allow a ton of new claims related to our system. We expect to receive an official Notice of Allowance sometime in the next few months.
- iAssay relocated to a larger space in the same building on Trade Street in San Diego because we had outgrown our 225 square feet, and we are looking forward to having more hands on deck in the next year to support expanded activities. We are now in about one thousand square feet. Come and visit!
The company has taken off! We are setting up plans for next year.
My sincere thanks for your interest in the company. Wishing you a Happy Holiday season.
Lonnie Adelman, CEO