QuantuMDx closes $8.42m funding for prototyping handheld DNA
4 June 2014
Newcastle-based diagnostics developer QuantuMDx Group has
announced it has closed an $8.42m funding round it syndicated with
philanthropist private investors and the University of Newcastle
upon Tyne. This follows 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, said, “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,” said 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.