University of Glasgow spin-out will develop its range of self-diagnostic products
A Scottish medical company has secured over £1.1 million to help develop its range of self-diagnostic products, including testing for bowel cancer.
MODE Diagnostics, a University of Glasgow spin-out company, has attracted a further £975,000 equity investment together with £136,000 in business and R&D regional grants.
The fund-raising attracted a strong portfolio of investors including return investments from IP Group plc and Scottish Investment Bank.
New investors included London based Parkwalk Advisors, Glasgow University Holdings, current directors and management and the syndicated investor Kelvin Capital.
The new funding will allow MODE to develop a pipeline of consumer focussed, easy to use products and bring together an experienced management team with a strong track record of commercial delivery of novel products.
The firm’s products are based upon patented technology that enables rapid, highly selective and sensitive detection of defined markers of disease.
The technology provides quantitative results in minutes and is suitable for use in low-cost, handheld devices similar in size to today’s ipods.
The firm’s first product - called bSURE - has been specifically developed to be a consumer-friendly, easy to use test that will assess bowel health and aid the early detection of bowel cancer.
Dr Paul Heaney, MODE’s CEO said: “Our products give early warnings and this can lead to highly successful early medical treatments. We are delighted that our investors share our belief in the company’s novel products and our potential to build a strong and successful international company.”
Dr Brian Horsburgh, Head of Life Sciences at IP Group plc, added: “Despite the current difficult investment climate MODE’s clear route to market, commercially attractive products and proven management provide a compelling business opportunity”.
Kerry Sharp, acting head of Scottish Enterprise’s Scottish Investment Bank said: “Mode Diagnostics is an ambitious, innovative Scottish company developing new healthcare products in the diagnostics market.
“Today’s announcement marks a significant milestone for the company and we’re pleased to be supporting its growth with further investment through our Scottish Co-investment Fund.”