Irish biotech company Metabolomic Diagnostics has rounded up an extra €1.6m from investors to help it bring its PrePsia screening test to market. The latest funds were amassed from existing investors, SOSventures, AIB Seed Capital Fund and Enterprise Ireland, as well as a number of private investors.
Metabolomic Diagnostics was formed in 2011 and is based in Little Island, Cork, where it employs ten people. Its PrePsia product is a screening test for pre-eclampsia in first-time pregnant mothers.
Affecting almost 7.5 million pregnancies per year, preeclampsia is the single greatest cause of premature births and is still responsible for the deaths of more than 75,000 mothers and half a million babies each year. It is characterised by high blood pressure and can have a fatal knock-on effect on organs.
Commercialise
The PrePsia blood test will be able to detect the risk of pre-eclampsia early in the pregnancy. Metabolomic Diagnostics said that the latest investment is being used to commercialise the technology, which is based on research by Prof. Louise Kenny in UCC into metabolomic biomarkers during pregnancy.
The company has also announced that Dr. Jim Walsh has joined its board. Dr. Walsh currently serves as executive director of Trinity Biotech and is Ireland’s leading diagnostics entrepreneur. Over the years, he has makde several high-profile investments in diagnostic and medical device companies.
In Association with
Speaking yesterday, Dr. Walsh said: “In the modern world, there is no excuse for having a medical complication that can result in the deaths of otherwise healthy mothers and their unborn babies.
“The technology being developed by Metabolomic Diagnostics is of enormous global significance and represents a substantial market opportunity to help combat pre-eclampsia”.
Metabolomic Diagnostics booked a loss of €287,000 in 2014 but finished the year with a net worth of €900,000 and equity of €1.4m invested in it. Some €625,000 was invested in the company in December 2014, principally by SOSventures, with €125,000 from AIB Seed Capital Fund.
Last year, Enterprise Ireland also invested €125,000 into Metabolomic Diagnostics. The firm’s CEO is Charles Garvey, who was previously CEO of Horizon Technology Group, which floated on the London and Dublin stock exchanges in 2000. He is also CEO of tech firm Nitrosell.
Photo: Prof Louise Kenny with baby Molly, Frank Walsh (left), Enterprise Equity; Bill Liao, SOSventures and Charles Garvey (right), Metabolomic Diagnostics (Pic: Diane Cusack)
