Spin-out raises €1.2m for disease tests
A University spin-out company has successfully completed a €1.2 million equity investment.
The funding will transform the capability of DestiNA Genomics to commercialise novel tests for cancer and infectious diseases.
DestiNA Genomics uses ground-breaking science to deliver cost-effective genetic analysis for faster identification of bacterial and viral diseases, and improved clinical diagnostic tests for cancers and other illnesses.
The global molecular diagnostics market is estimated to reach about $8 billion by 2018, growing by around 10% each year.
The rise is driven by the increasing incidence of cancer and infectious diseases, doctor and patient demand for improved testing and the need for earlier diagnosis to reduce chronic healthcare costs.
We are excited with the possibilities of the DestiNA technology to significantly improve the performance of a variety of tests using our platform, but beyond this, we see other important opportunities for the technology.
The funding round was led by the Vitro Group of Spain, in conjunction with its subsidiary and DestiNA’s technology partner, Master Diagnostica.
Additional funding came from Old College Capital, the University’s investment fund, as well as from private investors in the UK, Spain, Belgium and Saudi Arabia.
Support also came from the Scottish Investment Bank, the investment arm of Scottish Enterprise. Scottish Enterprise previously supported the company through its SMART: SCOTLAND programme.
We are pleased to be part of this investment into a forward-thinking company addressing important unmet medical needs with home-grown technology.
The DestiNA technology emerged from the invention and patent of Dr Juan Diaz Mochon and Professor Mark Bradley in the University’s School of Chemistry, with the ‘SMART Nucleobase’ patent now approved for grant in the US, Europe and elsewhere.
DestiNA has been developing direct collaborations with research and commercial groups in the UK and Italy.
The company will work closely with Master Diagnostica to develop an improved colon cancer assay.
It’s going to be an exciting time developing our chemistry onto the Master Diagnostica ‘e-Brid’ platform, and I’m looking forward to working alongside a very capable and enthusiastic team.