Mologic, a Bedford, UK-based developer of point-of-care diagnostic devices that allow patients manage their own conditions, raised £3m in funding.
Private equity firm Calculus Capital made the investment.
The company intends to use the funds to commercialize its medical diagnostic technology, carry out clinical trials and obtain CE Mark regulatory approval and other regulatory approvals as needed in international markets beyond the EU, to take products to market.
Led by Mark Davis, Chief Executive Officer, and Professor Paul Davis, Chief Scientific Officer and co-founder, Mologic is advancing a diagnostic product pipeline including new systems for patients with long term respiratory problems to use in their own home. The technology aims to maintain better lung function through more effective use of medication.
The plan is for a series of products to reach market-readiness over the next three years, starting in the first half of 2016.
In some cases, the company will bring the product to market on its own, in others will sign sales and distribution deals with partner companies already established in the relevant market area.
In addition to the product pipeline, Mologic conducts a contract research business in a variety of areas including commercial assay development, enzyme therapeutics and pilot manufacturing.
Clients include blue-chip pharmaceutical companies and leading manufacturers of medical devices.