Microfluidics spin-out raises funding for diagnostic devices

Investment

Molecular Vision Ltd (MVL), an Imperial College spin-out developing a range of handheld medical diagnostic devices, has raised £500,000 from Imperial Innovations Group plc, to strengthen its management team and attract further partners.

MVL’s platform technology combines microfluidics and organic semiconductor assay readers within single disposable devices. These can provide laboratory-quality information at the patient’s bedside, in the doctor’s surgery, in the ambulance or in the home.

The technology is based on research by Andrew de Mello, Donal Bradley and John de Mello, of Imperial College. Bradley was an inventor of organic light-emitting diodes and one of the co-founders of Cambridge Display Technology Ltd.

In addition to the funding from Imperial Innovations, MVL recently won £442,000 from the UK Department of Health under its Health Technology Devices programme. This money will fund the transfer of cardiac marker assays onto its platform.

MVL is developing applications in renal health and the detection of diabetes and sexually transmitted diseases such as chlamydia.

The firm has attracted the interest of other diagnostics companies, leading to partnerships and ongoing discussions on development of specific applications. One partnership, with US company Acrongenomics Inc, has already brought the company over $2,000,00 million.

Chris Wright, MVL’s Executive Chairman, said, “This financing round will allow the company to expand the commercial team and develop its platform with marketing partners.”

MVL’s credit-card sized devices allow on-the-spot quantitative diagnosis, eliminating the need to send tests to central laboratories and bringing forward the start of treatment. Currently the company is focusing on the diagnosis of cardiovascular and sexually transmitted diseases. The technology also has applications outside clinical diagnostics, in forensic science and environmental monitoring.