Manchester, UK-based LIG Biowise has raised £1.8 million in Series A fundraising, to further develop its ultra-rapid diagnostic device.
The group is developing a versatile point-of-care diagnostic kit for infectious disease, initially targeting upper respiratory tract infections.
The novel platform combines for the first time DNA extraction, amplification, and detection into a single step, which could accelerate test turn around, lower costs and ensure higher diagnostic accuracy.
A rapid, easy to use method for detecting infectious diseases can significantly cut the time and costs of diagnosis by moving it from the laboratory to the point-of-care in both primary and secondary care settings, Biowise noted.
Furthermore, the precision of the technology “removes the subjectivity from prescribing practices, lessening the over-prescription of unnecessary antibiotics, reducing costs to the healthcare system.”
The company said it invest proceeds of the financing in completing a series of proof of concept clinical studies for the device, and also to expand its proprietary molecular diagnostics technology, which should enable it to further cement its IP position.