The funding helped leverage non-equity diluting funding from NGOs including the Bill & Melinda Gates Foundation and Global Good.
QuantuMDx raised the funds from equity investors, to help support the Company’s go-to market strategy and product development for its ground-breaking portable DNA analyser as well as performance studies that will enable the company to launch its first portfolio of diagnostic tests focused on Women’s and Men’s Health.
The company’s signature device is Q-POCTM - a simple to use, portable laboratory capable of sample-to-result diagnosis in minutes, at the patient’s side. The company is initially focusing on global humanitarian health challenges including HPV (the virus causing most cervical cancers), an STD panel and latent and active TB (Tuberculosis). Q-POC™ will be especially beneficial to patients where testing in a hospital or laboratory is not within easy access, such as in developing countries or in rural and remote settings.
Elaine Warburton, co-founder and Chief Executive Commented “This award is a magnificent achievement for not only QuantuMDx but the North East. Q-POC™ is now recognised as a truly innovative technology that brings the power of personalised medicine to health professionals globally, enabling patients to be tested, diagnosed and given treatment options in one consultation, anywhere in the world. As an example, our work in accurately diagnosing the different stages of TB is now recognised by the United Nations. My fellow co-founder, CSO and inventor of Q-POC™ Jonathan O’Halloran, has been accredited to attend the United Nations General Assembly’s high-level meeting on the fight to end tuberculosis on 26 September.”
Newcastle-headquartered Watson Burton provided QuantuMDx with legal advice on the equity fund raising.
Duncan Reid, partner and head of Watson Burton's corporate team commented: “We are delighted to have supported QuantuMDx in securing funding for its product development to improve molecular diagnostic testing in the field.
“The impressive funding, from a number of investors, is a strong sign of the confidence in the work of the company and we’re delighted this work has also given them a seat at the United Nation’s first high-level meeting on TB.
“We’re very proud that the deal was honoured in this years’ North East Dealmaker Awards– it was a fantastic achievement for QuantuMDx. The award also recognises the expertise and experience we are able to deliver to clients, our strength in the funding landscape and the quality of the clients we represent.”