University of Limerick: Crescent Diagnostics Secures €1.5M for its Predictive test for Osteoporotic Fracture

Crescent Diagnostics Ltd, a developer of novel tests for predicting osteoporotic fracture risk, today announced that it has raised Euro 1.5 million ($2.2 million) in Series A funding to support the development of BQT®, a predictive test for the disease.

Crescent’s novel test will enable physicians to diagnose the risk of osteoporosis-related fracture both quickly and easily, using a small nail clipping. The BQT® analyser uses Raman spectroscopy to examine the chemical bonds in the toenail. Crescent’s research has shown that the structure and quantity of the chemical bonds in the human toenail is indicative of future hip fracture risk and is independent of bone mineral density (BMD), the standard test today. When BQT® test development is complete, a physician will be able to send a nail clipping to a laboratory for analysis, with results made available to the patient within a matter of days.

More than 60 million women over 50 are at risk of developing osteoporosis in the US alone and under-diagnosis is a major problem with less than a quarter of at-risk women tested. The current gold standard screening method, Dual X-ray Absorptiometry (DXA), is costly, time consuming for patients and only assesses BMD, which is just one of many risk factors contributing to bone fractures. Many patients with acceptable DXA values still suffer fractures and more accurate tests for fracture risk are therefore required.

The funding round was a syndicated deal between AIB Seed Capital Fund co-managed by Enterprise Equity Venture Capital, Bank of Ireland Seed Fund managed by Kernel Capital, and existing venture investor Seroba BioVentures. The funds will be used to run additional clinical trials and to advance BQT® to regulatory approval in both the US and EU.

Ernie Poku, CEO of Crescent, commented: “There is a massive unmet need for more convenient, accurate and affordable fracture testing. The BQT® test is a novel solution with the potential to significantly enhance osteoporosis diagnosis by evaluating completely different risk factors to DXA. This funding will allow us to complete additional clinical trials and bring BQT® to market.”