4/15/2014 – RPS Expands Eye Care Organization in Response to InflammaDry® Regulatory Clearance and Growing Demand

2/27/2014 – RPS Receives CLIA Waiver for Rapid, Point-of-Care Test for Dry Eye Disease – InflammaDry

1/21/2014 – RPS Announces Canadian Approval of AdenoPlus Test to Diagnose Pink Eye

9/6/2013 – U.S. Retail Health Clinics Expected to Double by 2015, According to Accenture

7/30/2013 – The Sarasota Herald Tribute described the technology that RPS has developed and further covered terms of the deal:

AdenoPlus detects viral conjunctivitis and is being marketed worldwide. The company also is seeking U.S. regulatory approval for InflammaDry, which is being marketed in Europe and Canada as a test for an inflammatory form of dry-eye disease.

The eye tests are “what is going to get the company going,” Mallitz said. “But the genius behind the company is that the platform is applicable to almost anything.”…

Mallitz contends that Rapid Pathogen could easily become a biotech success story for Southwest Florida.

“In our view, RPS has all the key ingredients for a successful investment in a biotechnology company: strong technology supported by FDA clearance, dedicated reimbursement code, and a strong management team,” Mallitz said….

The Mallitz family controls 25 percent of the Rapid Pathogen investment, the largest percentage.

The investment is structured as a three-year convertible note. “At the end of 36 months we will have the option to convert it to common stock,” Craig Mallitz said.

7/29/2013 – From the Tampa Bay Business Journal:

RPS, headquartered in Sarasota, develops, manufactures and markets rapid point-of-care diagnostic tests. One of them is a test for conjunctivitis, or pink eye, which determines if antibiotic treatment is appropriate. Using the tests could potentially save nearly $430 million currently spent on unnecessary medical care and avoid more than 1 million cases of unnecessary antibiotic treatment every year, according to a study published by the Southern Society for Clinical Investigation.

The tests developed by RPS are designed to be used at the point of care, such as in the physicians’ office. “They are simple easy to use disposable tests that provide an answer to the health care practitioner right away, while the patient is sitting in the chair. There’s no sending out to the laboratory,” Sambursky said. “If someone has something contagious you can let them know and start treatment right on the spot.”

7/23/2013 – Mallitz Investment Group has invested in Rapid Pathogen Screening of Sarasota Florida. RPS issued the following press release:

SARASOTA, Fla. (July 23, 2013) – Rapid Pathogen Screening, Inc. (RPS®), an emerging leader in point-­‐of-­‐care (POC) diagnostic testing, announced today that it has secured a $6.25 million investment through a convertible note from the Mallitz Investment Group, a strategic investment firm. Simultaneously, RPS closed its previous round of private placement equity funding consisting of investments from individual angel investors.

Funds will be used to accelerate the growth of the company’s product development pipeline and to facilitate the continued commercial success of its existing products, the AdenoPlus® test to support the rapid diagnosis of Adenoviral conjunctivitis (pink eye) and InflammaDry™ for inflammatory dry eye disease.

RPS is strategically focused on utilizing its unique, patented technology platform to design, develop, and deliver a variety of novel and cost-­‐effective point-­‐of-­‐care tests for infectious diseases and inflammatory conditions. As a result of U.S. government contracts, this platform is also being developed to help detect the body’s immune response to viral and bacterial infections as well as chemical nerve agent blood toxins. RPS tests allow healthcare providers to more accurately diagnose diseases, provide appropriate and timely treatment, and reduce the healthcare costs associated with spread of disease and unnecessary treatment methods.

“We will leverage this funding to accelerate the expansion of RPS’s commercial infrastructure and support the strategic growth of our product development pipeline,” said Robert Sambursky, MD, chief executive officer and president of RPS. “We are grateful for the support of our investors that have fueled our advancement toward becoming a worldwide leader in POC diagnostics.”

“In our view, RPS has all the key ingredients for a successful investment in a biotechnology company: strong technology supported by FDA clearance, dedicated reimbursement code, and a strong management team,” said Craig Mallitz, president of the Mallitz Investment Group (MIG). “MIG is excited to be able to contribute to this rapidly emerging company and the dramatic impact that it will have on both healthcare providers and patients worldwide.”

Mallitz Investment Group provides mezzanine financing and securitized lending in deals from $5 million to $25 million to established firms to create double digit current yield opportunities in cash flow generating businesses.