Paratus Diagnostics, a firm based in Texas State University’s Science, Technology and Advanced Research, or STAR, Park, has won this year’s Dick Burdick Award For Innovation, which recognizes companies in the Greater San Marcos region that are developing innovative, disruptive technologies.
Paratus is developing a point-of-care diagnostic system that will help medical professionals quickly diagnose ailments such as respiratory infections, gastrointestinal diseases, urinary tract infections and sexually transmitted diseases.
The company’s technology could circumvent the time-consuming necessity of having biological samples, such as swabs, sent from doctor’s offices to diagnostic clinics for analysis. John Carrano, Paratus Diagnostics chairman and CEO, said the process of having a swab analyzed and a patient’s affliction accurately diagnosed can be costly and often takes days or even up to a week.
With Paratus’ technology, that process could be reduced to minutes and could eliminate wasteful spending and medical complications stemming from inaccurate diagnoses.
Carrano said Texas State University—and STAR Park specifically—have played major roles in his company’s development.
“STAR Park is unique,” Carrano said. “There is no such thing in Austin, as amazing as that may be. It’s a true statement. There’s no such thing.”
Carrano said recent developments in Austin such as a business incubator at the former Highland Mall are similar, but they do not provide the same amount of space or amenities that are available at STAR Park.
The company has grown its staff from two to 16 full-time employees since opening at STAR Park in mid-2015.
“Obviously we’ve done some things right to be able to grow from two [employees] to 16, but if we didn’t have STAR Park, where would we be?” Carrano said. “It would be a much different equation.”
Paratus currently leases 4,200 square feet of laboratory and office space at STAR Park.
The company plans to seek approval from the Federal Drug Administration, which includes a necessity to perform clinical trials, before marketing its products.
Carrano said it will likely be two years before the company’s products are available in medical offices.
“Winning an innovation award is pretty cool for us because that’s what we like to think we do,” he said.
Previous recipients of the Burdick Award include MicroPower Global, Thermon and Quantum Materials.