Firm seeks funds to market its two screening tests
ADIAGNOSTICS company, which has developed two rapid screening tests, is looking to raise seed funding to take its new products to market.
Following an intellectual and commercial partnership, spinout firm from the University of Aberystwyth iOmics is looking raise £500,000 in a first seed funding round – giving it a £5m valuation.
Further funding is expected to be required during the financial year of 2023-2024.
The new rapid screening tests were developed following 15 years of research and could save thousands of human and animal lives and save governments billions in healthcare, social and farming costs.
Product development was supported by £2m in investment, made up of academic and founder investment, the Welsh Government Knowledge Economy Skills Scholarship (KESS) scheme, NHS Wales, along with a £1m development grant from Innovate UK and the Canadian Government.
Cscreen+ will provide an annual screening test for lung cancer using lateral flow technology to identify high-risk patients even before they onset of symptoms.
bTBscreen+ is a rapid, point-ofuse test for bovine TB based on lateral flow technology. It will accurately detect the presence of the disease in herds.
It can also be used with other animals at risk from bTB infection, such as badgers, deer and camels.
iOmics said both tests are now ready for international commercialisation. The firm will charge fees for options, licences and a royalty per test.
Investment is sought to bring Cscreen+ to market within 12 months post-investment and bTBscreen+ earlier.
The firm said investment can be into a ring-fenced project or into the business, which would include an interest in all current and future projects.
It added that funds would create seven jobs immediately.
The company’s founders include Aberystwyth University, chief executive of ProTEM Services Dr David Rooke, and entrepreneur Ian Bond, who also founded Cardiff medtech company Bond Digital Health.
It was set up following a consortium that came together to develop diagnostics platforms based on omics technologies.
Aberystwyth University has a 15% equity stake in iOmics.
Both Mr Bond and Dr Rooke make up the management team in the company.
A director of iOmics and probono chief executive, Mr Bond has no personal equity holding in the company.
He said: “In the fast-changing world of the 21st Century, we face major new challenges in human and animal health, food and agriculture.
“iOmics was set up to meet those challenges by turning world-class research into game-changing diagnostics.”
Mr Bond added: “Our first two lateral flow-based diagnostic tests will deliver easy-to-use, low-cost and rapid, accurate results without the need for laboratories, and will have huge impacts in humans and animal health.”
Professor Luis Mur, a partner in iOmics who led the research at Aberystwyth University, said: “We’re proud to launch iOmics as a made-in-Wales solution to global problems.
“This enterprise helps move science out of the lab and into the hands of practitioners.”
iOmics is also working on projects involving other human and animal diseases, including human tuberculosis, respiratory diseases, prostate cancer, and other communicable and non-communicable diseases.