Microvisk Technologies, a developer of patented technology for monitoring blood coagulation for patients taking the drug Warfarin, has raised GBP2m from three new investors and current private and institutional investors.
Based in Wales, and originally a spin-out company of the Science and Technology Facilities Council, Microvisk became an independent company in 2004 with initial backing from Rainbow Seed Fund.
It is now developing the world’s first medical diagnostic strip based on a solid state micro electro mechanical system, called a SmartStrip, and hand held reader.
The GBP2m raised will take the research and development forward through 2010 for a launch of the SmartStrip system in 2011.
The Microvisk SmartStrip technology is used to assess the clotting ability of patients using the drug Warfarin, currently seven million people in the western world. Coagulation is a current area of government concern: in 2008 both the US and the German healthcare systems announced that they would pay for all at-risk users of the drug Warfarin to test their blood once per week at home in the same way as diabetics test for glucose without having to go to the doctor or hospital clinic.
John Curtis, chief executive of Microvisk, says: “We are extremely pleased that in such a difficult capital market, the fundamental advantages of the Microvisk technology and product in development has been recognised by our new investors and that our current investors have continued to support our product development in a time when the alternative investment opportunities are so numerous.”
Mark White of the Rainbow Seed Fund adds: “We saw the potential of Microvisk back in 2004 when we helped them spin out and we are delighted to see how far the company has come. We remain excited with the opportunity and delighted that we were able to help assemble an excellent syndicate of investors to help the company develop its product and launch the world’s first medical diagnostic SmartStrip.”
The GBP2m funding from contributions from Oxford Technology Management, Finance Wales, New Hill (Boston, USA), Rainbow Seed Fund, Advantage Growth Fund and private investors.
