Precision Genetics to use SCRA investment to expand COVID testing

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SCRA has provided a $250,000 investment in Precision Genetics through SC Launch to help the company expand its processing of COVID-19 test kits.

Precision Genetics, based in Greenville, has been processing the test kits for several weeks after receiving an emergency use authorization from the Food and Drug Administration.

The company provides the test kits to health care facilities and providers looking to test patients for SARS-CoV-2, the virus that causes COVID-19. Results are available within 24 hours after the sample is received.

Precision’s laboratory has the ability to directly connect to other labs, health care systems and doctors’ offices to deliver test information within seconds of results being reported.

The company plans to boost its testing capacity in the coming week.

“This national and statewide pandemic has challenged us as business leaders to create immediate solutions on behalf of our patients and health care providers,” Precision founder and CEO Nate Wilbourne said in a news release.

Outside of COVID-19 testing, Precision Genetics uses health care data to determine risks associated with medications and drug regimens. By combing genetic markers, molecular data and clinical evidence, the company enables providers to develop individualized treatment and prevention plans for patients.

Steve Johnson, investment manager for SCRA, said in the release that Precision Genetics came through at a time when South Carolina desperately needed COVID-19 test facilities.

“Because of Precision Genetics’ existing track record of providing excellent advanced molecular testing and innovative solutions to health care institutions in the state, SCRA and SC Launch Inc. are proud to provide this investment to Precision Genetics at a time when their capabilities are critically needed in our state,” he said.