NEWCASTLE UPON TYNE, UK, 24th March 2021. QuantuMDx today announces it has raised £11 million in its latest funding round.
Proceeds will be used to complete manufacturing and commercial scale up of Q-POC™, QuantuMDx’s rapid, PCR point of care diagnostic system which detects SARS-CoV-2, the virus which causes COVID-19.
The £11m funding has been structured as a convertible loan, enabling participation from the Future Fund, a scheme designed by the UK government and delivered by the British Business Bank.
Jonathan O’Halloran, co-founder and chief executive, 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 onboard, including the Future Fund, to help drive QuantuMDx forward, and to enable the roll out of our ground-breaking technology across the UK and Europe.”
The latest funding round brings the total of new investment raised by QuantuMDx, since January 2020, to £37 million. This includes £16 million in government funding received last year to accelerate development and scale-up of the Q-POC™ system, in response to the COVID-19 pandemic, as well as £10 million in convertible loan notes.
Q-POC™ is a portable, PCR device offering rapid, sample-to-answer, molecular diagnostic testing at the point of care, with results in approximately 30 minutes. The Q-POC™ system comprises a sample collection kit, single-use test cassette and analyser. It can be used in a wide range of settings including emergency rooms, ICU and test and trace initiatives.
Adjuvo Network Limited and WG Partners LLP provided financial advice to QuantuMDx in connection with the funding round, and Weightmans LLP provided legal advice.
- QuantuMDx’s first commercial test on the Q-POC™ system will detect SARS CoV-2. The system also has the potential to detect other viral or bacterial pathogens.
- The Future Fund issues convertible loans to innovative UK companies with good potential that typically rely on equity investment and are currently affected by COVID-19.
QuantuMDx is a progressive MedTech company passionate about empowering the world to control disease and reduce suffering. QuantuMDx solves real-world diagnostic problems by creating multiplex molecular solutions for the Point of Need, for anyone, anywhere.
QuantuMDx has global operations and strategic partnerships – keeping it at the forefront of molecular diagnostics.
Q-POC™ is a rapid, simple to use, portable, sample to answer PCR device and has been designed for use in a wide range of settings, such as hospitals, clinics, pharmacies, and workplace testing providing accurate PCR results at the Point of Need. Q-POC™ and its first test, a SARS-CoV-2 multiplex detection assay, are CE-IVD marked under the In Vitro Diagnostics Directive (98/79/EC), enabling use within Europe. It tests multiple targets of the disease for a future proof COVID-19 testing solution at the Point of Need.
QuantuMDx plans to launch a range of syndromic multiplex testing assays over the coming months and years.
For more information about QuantuMDx and Q-POC™, its rapid PCR point of care system, go to: www.quantumdx.com.
Debra Daglish, Marketing Communications Manager, QuantuMDx Group Limited
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