The marketing of a device created in the North East that detects the virus that causes Covid-19 has come closer thanks to a funding round of 11 million pounds.
QuantuMDx Group, which works on Melbourne Street in Newcastle, will use the money to complete manufacturing and commercial scale-up of its Q-POC, the company’s rapid diagnostic system that detects SARS-CoV-2 and other diseases.
The portable system – which includes a sample collection kit, single-use test cassette and analyzer that can be used in a wide range of settings, including emergency rooms, intensive care and testing initiatives and traceability – offers a quick review and results in about 30 minutes.
While currently being targeted on SARS-CoV-2 as the world struggles to cope with the coronavirus pandemic, Q-POC has the potential to detect other viral or bacterial pathogens.
The latest £ 11million funding round brings the total of new investments raised by QuantuMDx since January last year to £ 37million.
This includes £ 16million 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 £ 10million in convertible loan notes.
The £ 11million funding was structured as a convertible loan, allowing participation from the Future Fund, a program designed by the government and provided by the British Business Bank.
Jonathan O’Halloran, Co-Founder and Managing Director of QuantuMDx, said: “This funding round will further support QuantuMDx as we increase manufacturing and commercial capacity for the launch of Q-POC, our rapid molecular diagnostic system in Canada. point of service.
“The company went through a year of transformation, with the Q-POC system now available for research and currently undergoing CE-IVD marking, before our full commercial launch.
“I would like to thank our long-time investors, who contributed three-quarters of the private investor funding for this round, for their continued support.
“Likewise, we are delighted to welcome new stakeholders, including the Future Fund, to help move QuantuMDx forward and enable the deployment of our breakthrough technology in the UK and Europe. “
Adjuvo Network Limited and WG Partners LLP provided financial advice to QuantuMDx as part of the funding round, and Weightmans LLP provided legal advice.
QuantuMDx was founded in 2008 and moved to Newcastle in 2011 to occupy laboratory space at the Center for Life in Newcastle. It moved to its own offices and laboratories near the Quayside in 2015.
The developer of molecular diagnostics has assembled a team of around 100 people working on ways to detect a number of diseases.
The company, best known for its Q-POC device, has a global vision to empower the world to control and eradicate disease by making transformative and quality point-of-care diagnostic technologies universally accessible.
It has strategic operations and partnerships in the United States, Asia, Australasia, Europe and Africa, which keeps it at the forefront of molecular diagnostics.
In 2017, QuantuMDx secured funding from the Bill and Melinda Gates Foundation to develop its Q-POC device to diagnose tuberculosis in developing countries. A few months later, he teamed up with the Global Good Fund to work on a similar project targeting cervical cancer.
Prime Minister Boris Johnson visited the company in February to see it working in the fight against the coronavirus pandemic.