QuantuMDx has secured a £15m equity investment from Vita Spring, a Hong Kong-based venture capital firm focused on early and growth stage medical companies with disruptive technologies and global market potential.
QuantuMDx’s 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 system comprises a sample collection kit, single-use test cassette and analyser.
Jonathan O’Halloran, chief executive, QuantuMDx, said proceeds from the financing will be used to further the development and evolve the Q-POC™ platform to increase it s functionality.
“I am very pleased to announce this equity investment today which will enable us to further evolve the Q-POC platform, making our system one of the most innovative, high multiplexing, molecular point of care devices in the market.
“Vita Spring shares our mission of developing accurate and efficient solutions to identify pathogens and diagnose diseases and so we are delighted they have chosen to invest in QuantuMDx.”
The Company also plans to expand the menu of tests for Q-POC adding a multiplex respiratory panel, sexually transmitted infections (STIs), and HPV, amongst others, to the current SARS-CoV-2 assay.
James Yan, a partner from Vita Spring, said: “We are delighted to invest in QuantuMDx, which is equipped with world class technologies to address acute and ever-growing point of care testing needs globally.
“We are also fortunate to have the opportunity to bridge the innovative technology and platform into the China market and look forward to working with Jonathan and his team to fully realize the potential of QuantuMDx as it enters into the commercial stage.”
Additionally, QuantuMDx and Sansure Biotech, an in-vitro diagnostic solution provider founded in Changsha, Hunan province, China, have entered discussions for a Cooperation Agreement.
Jonathan O’Halloran said the proposed agreement offers QuantuMDx the opportunity to significantly accelerate the commercial development of Q-POC and its cassettes with an experienced partner in China, and other territories in South-East Asia.
Dr Keya Zhang, Head of Corporate Strategy from Sansure, said: “We are very impressed by the QuantuMDx team and by the capabilities of the Q-POC platform.
“QuantuMDx’s first test, a SARS-CoV-2 detection assay on its Q-POC device, is already validated and on the market and it is clear there is a great deal of potential in other indications beyond that.
“We only partner with innovative, world-class businesses, and technology with proven advanced levels of performance, and so QuantuMDx is a natural fit for Sansure and its future expansion ambitions.”
