QuantuMDx raises $12m and strengthens Board as company eyes commercialisation of Q-POC™ portable MDx platform
23rd January 2018 | QuantuMDx Team
Newcastle upon Tyne, UK – 23 January 2018
Life science tools and diagnostics company QuantuMDx announced today it has closed a $12m funding round. As part of this round it has also strengthened its Board with the appointments of Nigel Williams, Riccardo Braglia and Timothy Chia as Non-Executive Directors. Chair Professor Sir John Burn and co-founders CEO Elaine Warburton and CSO Jonathan O’Halloran will remain on the Board.
The funds will be applied to the further development of Q-POC™ the company’s low-cost, portable point of care molecular diagnostic platform, continuation of field studies for the company’s warfarin, HPV and TB assay portfolio and the appointment of key industry experienced C-Levels.
Nigel Williams, former CEO of Barclays Global Investors – Europe & Asia, was one of QuantuMDx’s earliest investors. Nigel has played a key role in supporting the management team in navigating the challenges of operating as a start-up. Nigel will Co-Chair the Governance, Nominations and Remuneration Committee.
Riccardo Braglia is Vice Chair and CEO of Helsinn Group, a European based Pharma company with a global presence focused on delivering effective cancer therapeutics and therapies. He is also Chair of Helsinn Investment Fund SA, one of QuantuMDx’s strategic investors. Riccardo provides a wealth of Pharma and operational experience and will also assist the company with its POC companion diagnostics proposition. He will Chair the Audit Committee.
Timothy Chia is former Chair of UBS Investment Bank – Asia and Coutts & Co – Asia and sits on numerous boards globally but particularly in the Asia-Pacific region; a strategically important market for QuantuMDx where Timothy’s knowledge, experience and expertise will greatly assist market penetration. He will Co-Chair the Governance, Nominations and Remuneration Committee.
QuantuMDx’s Chair Professor Sir John Burn commented “2018 is shaping up to be a watershed year for QuantuMDx. The appointments of Nigel, Riccardo and Timothy to our Board reflects a major turning point for the company as we recruit an experienced team to prepare the company for commercialisation. This and the fact that our funding round was oversubscribed is testament to investor confidence that QuantuMDx’s Q-POC™ device is demonstrating considerable promise that it can crack the sensitivity, multiplexing and COGs issues that have dogged the point of care IVD industry to date.”
For press enquiries, please contact:
Maggie Love, Marketing Manager, QuantuMDx Group
T. 0870 803 1234
About QuantuMDx Group
QuantuMDx Group is a multinational company headquartered in the United Kingdom, with operations and partners in the United States, Asia, Europe and Africa.
The company has innovated the entire molecular diagnostic process enabling delivery of rapid diagnostic solutions that help address global health burdens, particularly antimicrobial resistance.
The company’s flagship device will be Q-POC™, a simple-to-use, affordable, portable diagnostic laboratory. With its lab standard testing, highly multiplexed capabilities and low disposable COGs, Q-POC™ will aim to bring the power of precision medicine to health professionals globally, enabling immediate detection of antimicrobial resistance and subsequent ‘right first-time prescribing’.
The company is developing further molecular diagnostic platforms that can be used as standalone devices or integrated into MDx workflows. Products include pathogen enricher CAPTURE-XT™ and rapid sample preparation kit DNA-XT™.