Who owns Mologic?
Mologic’s transition into a social enterprise is a deliberate, logical, and a natural step for a company focused on delivering affordable diagnostics and biotechnology to places that have been left underserved by the relentless pursuit of profiteering, Mark Davis, CEO at Mologic. Who owns Mologic? Mologic was founded in 2003 by Mark Davis and his…
Mologic’s transition into a social enterprise is a deliberate, logical, and a natural step for a company focused on delivering affordable diagnostics and biotechnology to places that have been left underserved by the relentless pursuit of profiteering, Mark Davis, CEO at Mologic.
Who owns Mologic?
Mologic was founded in 2003 by Mark Davis and his father, Paul Davis, one of the inventors of the ClearBlue home pregnancy test. The for-profit company will be transformed into Global Access Health, a social enterprise that will reinvest its profits into addressing “gaps in the provision of global diagnostics in low-income communities and regions that profit-focused business has failed to address,” according to the consortium.
Sean Hinton, CEO of the Soros fund, said Global Access Health will help tackle “fundamental inequities in global public health” that have been further exposed during the pandemic by providing access to low-price diagnostic technologies. The initiative comes as COVID-19 cases continue to surge in several African nations and around the world.
In a statement, Hinton said the “unique transaction” would bring philanthropic funds and investors together with “a skilled and visionary management team” to enable “a cutting-edge commercial business to focus all its resources on solving one of the world’s most pressing public health issues.
