Diagnostic device boost
THE commercialisation of a device created in the North East which detects the virus that causes Covid-19 has moved a step closer thanks to an £11m funding round. QuantuMDx Group, which works out of Newcastle’s Melbourne Street, will use the money to complete the manufacturing and commercial scale-up of its Q-POC, a rapid diagnostic system which detects SARS-CoV-2 and other illnesses.
The portable system – which comprises a sample collection kit, single-use test cassette and analyser that can be used in a wide range of settings, including emergency rooms, ICU and test and trace initiatives – offers rapid examination and results in approximately 30 minutes.
Whilst currently targeted at SARS-CoV-2, the Q-POC has the potential to detect other viral or bacterial pathogens. The latest £11m funding round brings the total new investment raised by QuantuMDx since January last year to £37m.
This includes £16m in Government funding received in 2020 to accelerate the development and growth of the Q-POC system in response to the Covid-19 pandemic, as well as £10m in convertible loan notes. The £11m funding has been structured as a convertible loan, enabling participation from the Future Fund, a scheme designed by the Government and delivered by the British Business Bank.
Jonathan O’Halloran, co-founder and chief executive of QuantuMDx, said: “This funding round will further support QuantuMDx as we scale up manufacturing and commercial capacity for the launch of Q-POC, our rapid point of care molecular diagnostic system. The company has been through a transformational year, with the Q-POC system now available for research use and currently going through CE-IVD marking, ahead of our full commercial launch.
“I would like to thank our longstanding investors, who contributed three-quarters of the private investor funding for this round, for their continued support.
“Equally, we’re thrilled to welcome new stakeholders on board, including the Future Fund, to help drive QuantuMDx forward, and to enable the rollout of our ground-breaking technology across the UK and Europe.”