Oxford Medical Diagnostics obtains close to £1M in new financing round

Oxford Medical Diagnostics (OMD), the developer of breath-based, medical diagnostic technology for the rapid, non-invasive, accurate and low-cost diagnosis and monitoring of metabolic and infectious diseases, today announced it has raised GBP 981,000 in new funding.

The company will use the funds alongside existing revenues to help finance the continuing development of its revolutionary diagnostic device for the diagnosis and monitoring of diabetes types 1 and 2, expected to be on the market in 2012.

The new funding came from current investors, shareholders and their immediate circle. It means the company has now raised GBP 2.24 million.

“This injection of funds is a great vote of confidence from our existing investors and enables us to continue the development of our diabetes screening and monitoring device as we begin to generate our first revenues through fee-for-service agreements in the gas analysis field,” said OMD’s CEO, Tony Marchington. “OMD now embarks on the important task of identifying partners for device manufacturing and global distribution.”

“Our shareholders are delighted with the company’s progress,” said OMD chairman, John Jack.

About Oxford Medical Diagnostics

Oxford Medical Diagnostics Ltd is developing a unique combination of technologies that makes it possible to provide rapid, accurate and low-cost diagnosis and monitoring of metabolic and infectious diseases through the simple and non-invasive analysis of breath. Its initial objective is to bring to market a non-invasive point-of-care (at-patient) diagnostic instrument to detect the volatile gas, acetone, a known ‘biomarker’ for diabetes - both types 1 and 2.

The company’s expertise also allows it to offer an industrial gas analysis service, giving it an on-going revenue stream. The firm has just signed a research & development agreement with industrial gas analyst specialists, Michell Instruments of Ely, UK.

Proprietary and patented technologies within OMD include Cavity Enhanced Absorption Spectroscopy (CEAS), based on tunable diode lasers, Broadband Cavity Enhanced Absorption Spectroscopy (BBCEAS), which uses super-luminescent light emitting diodes and Plasma Emission Spectroscopy (PES). OMD has already assembled a highly experienced management team whose members have excellent track records of success in company development and technology. The company has raised more than GBP 2.2 million in funding from its management team and private investors. It maintains close links with the University of Oxford and academics around the world.