Investment will enable the company to invest in technical resource and accelerate product development
Birmingham-based Linear Diagnostics Limited (LDL) has secured £2m of investment from MEIF and other investors to develop new platform technology for medical diagnostic testing. Following extensive research, the spin-out from the University of Birmingham is to create a platform that is able to provide multiple diagnoses in a Point of Care environment.
Roger Wood, Director at Midven, said: “Linear Diagnostics is an early stage business with huge potential, and is at an important and exciting juncture of its product development. It’s targeting a fast growing segment of the diagnostics market, and we are delighted to have led this significant funding round; this will enable the company to deliver on the next stage of its plans”.
Oliver Sexton, Investment Director of the UK Innovation Science and Seed Fund, said: “UKI2S backed the company to develop its molecular diagnostic capability. The platform’s rapid readout is unique, allowing diagnoses based on the presence or absence of key gene sequences with unparalleled accuracy.”
The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.