Microplate Dx, a Glasgow, UK-based diagnostics technology company, raised £2.5M in Seed funding.
The round saw participation from existing investors Deepbridge Capital LLP and the University of Strathclyde in addition to new investors Scottish Enterprise, SIS Ventures and Boston-based life sciences investor Thairm Bio,
The company intends to use the funds to develop its point-of-care diagnostic platform which can confirm the presence of bacteria and guide a patient’s doctor to effective treatment by rapidly identifying effective antibiotics to use and which ones to avoid.
Led by CEO Dr Stuart Hannah, Microplate Dx has developed a platform for rapid antibiotic susceptibility testing, enabling the optimum antibiotic to be prescribed by a clinician in minutes. It will initially be used to tackle urinary tract infections (UTIs*), with the company having already completed several successful clinical studies. A urine sample is added to a cartridge which is then inserted into the device, with results expected within an hour.
With the product currently at prototype stage, new funding will allow Microplate Dx to continue its clinical trials in 2024/25, with a view to launching commercially across European pharmacies and exploring entry into the US market.
Spinning out from the University of Strathclyde in 2022, the company was founded by Dr Stuart Hannah (CEO), alongside co-founders Professor Damion Corrigan (CTO), Professor Paul Hoskisson (CSO) and Dr Poonam Malik (Chair). Based at the University of Strathclyde, the firm employs 12 staff with plans to increase headcount by 25% over the coming year. Microplate Dx was one of only 12 startups selected to join the AI Accelerator Programme being delivered by the Bayes Centre and Edinburgh Innovations at the University of Edinburgh, in conjunction with partners.
*UTIs are among one of the most common bacterial infections, with research estimating there are at least 92m people worldwide experiencing UTIs annually. In the UK alone, UTIs were responsible for 13.7% of all antibiotics prescribed in community practice in the NHS.
FinSMEs
11/09/2023