Many pandemic-watchers optimistically expect the markets for COVID-19 diagnostics and supplies to start drying up over the course of this year and next as the coronavirus falters. But rapid test maker Innova Medical Group is settling in for the long haul.
The company has acquired the personal protective equipment manufacturer Pacific PPE Corporation, known as 3PE. The California-based company produces and distributes N95 respirators and other face masks—some of the most sought-after medical products of the past year—including new, ergonomically designed models that aim to provide a better fit and seal.
Innova hopes the deal, for an undisclosed sum, will help build out a “COVID total solution offering,” the company said in its announcement.
3PE’s N95 masks have been certified by the CDC’s National Institute for Occupational Safety and Health or NIOSH. They've also passed respirator tests under BSI, the national standards organization of the U.K., where Innova is providing hundreds of millions of rapid antigen tests under a scheme to screen everyone in England for COVID-19 twice per week.
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Incorporated in May 2020, 3PE said it launched its production line for five-ply N95s last December, with a maximum capacity at the Los Angeles-area site of 300,000 pieces per day. The company also plans to submit its three-ply medical masks for FDA clearance.
Innova, meanwhile, recently welcomed a new chairman—and CEO of its parent company, Pasaca Capital—in Sean Rogers, who previously served as global head of technology strategy for Citigroup. The company also brought on a new chief medical officer, Todd Malan, formerly CMO of iQuantum Labs and a specialist in stem cell therapy and regenerative medicine.