The Rutgers bard of governors on Tuesday approved the $44.4 million spin out the RUCDR Infinite Biologics lab from Rutgers University-New Brunswick.
The newly created company will be called Infinity BiologiX, which secured significant growth capital from Viking Global Investors LP to continue the development of RUCDR’s saliva test for COVID-19, as well as to accelerate the expansion its other product and service lines.
Infinity BiologiX will operate independently of Rutgers, but will retain an affiliation with the university.
Dr. Andrew Brooks, the current chief operating officer of RUCDR Infinite Biologics, will become chief executive officer at Infinity BiologiX upon the closing of the transaction. He will retain an adjunct academic appointment at Rutgers.
“The creation of Infinity BiologiX is a tremendous accomplishment for both RUCDR and Rutgers,” Brooks said. “This transition will allow us to grow the business in ways that were previously not possible and to create strategic and innovative solutions in all market segments. The new capital investment in the business will allow us to expand both physically and technologically to meet the demands of our current and future clients across all of our services. I am honored to have been chosen to lead Infinity BiologiX and to work with our incredible team on this new and exciting journey.”
In May, the U.S. Food and Drug Administration granted emergency use authorization for RUCDR’s COVID-19 saliva test, which is the first specimen collection approach utilizing saliva as the primary test biomaterial for SARS-CoV-2. The method can be performed at home and allows for broader population testing than the nose and throat swabs methods.
“We are a next-generation central lab that creates solutions for all industries using biomaterials in their discovery, product development and diagnostic programs,” Brooks said.
Viking Global will be the majority investor in Infinity BiologiX following the close of the transaction. Viking is a global investment management firm founded in 1999 that manages approximately $30 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission.