Newcastle biotech company QuantuMDx closes $8.42m investment
Science City supported QuantuMDx Group has announced a $8.42m funding round with philanthropist private investors and Newcastle University following the recent publicity success of its Indiegogo crowdfunding campaign.
The funds will be used to further optimize and trial Q-POC™, QuantuMDx’s handheld DNA sequencing & genotyping device, in addition to extending the Company’s assay pipeline, expanding its research teams and appointing an Advisory Board.
Elaine Warburton CEO and Co-Founder says “2014 will be an immensely exciting year for QuantuMDx as we demonstrate, in real-time, our ability to undertake 15 minute sample-to-result analysis for complex molecular diagnostics. Later this year when we formally unveil our prototype, we anticipate much interest from Life Science and Pharma companies seeking a low cost, high quality POC platform for diagnostics and to support drug development.
“Furthermore, we’re now looking to appoint a number of high quality, commercially minded but fun people onto our research team and also a number of key opinion leaders onto our Advisory Board.”
“Most of the basic research was completed last year and we moved into an engineering phase to integrate these technologies and chemistries at the beginning of this year. We are now moving into the testing phase of our alpha prototype,” says Jonathan O’Halloran, CSO, inventor and Co-Founder.
“Excitingly, we envisage these devices to be readily distributed globally due to their low cost, fast turn-around times and referral standard testing. With networked devices all over the world we will have a platform to monitor emerging pathogens and drug resistance hotspots in real-time; a concept we like to call the Internet of Life™”.
Field trials will commence early 2015 for Q-POC™’s first assays in malaria speciation/drug resistance, in partnership with NGOs and hospitals in several African countries, and a companion diagnostic for warfarin within the UK’s National Health Service, in anticipation of a commercial launch later in 2015.
Newcastle Science City is part financed by the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government, securing £2.3million of ERDF investment. The ERDF Competitiveness Programme 2007-2013 is bringing over £300m into the North East to support innovation, enterprise and business support across the region.View all News relating to: Business Support,