Novus Diagnostics raises €5m to build next-generation rapid test for Sepsis
Dublin medtech business Novus Diagnostics has secured €5m in new equity financing in a round led by Grimpeur Holdings with participation from Enterprise Ireland and the European Innovation Council.
This follows €2.4m in funding from the European Innovation Council in 2020, bringing the total funds raised by the company to €7.4m.
“We are building a revolutionary device that can detect and classify pathogens in the blood within 15 minutes”
The deal comes as SepTec, the company’s revolutionary new testing platform capable of analysing blood samples and delivering a diagnosis of blood stream infection in just 15 minutes, has delivered promising results in pilot-scale clinical studies at Beaumont Hospital in Dublin.
Saving lives
The technology, which is small enough to fit on a bedside table, represents something of a game-changer in the diagnosis of a condition that kills around 11m people around the world every year. The 15-minute wait time is a fraction of the time taken by current diagnostic testing. In addition to the rapid turnaround time, the test can also classify the type of infection the patient has.
Speeding up this process enables clinicians to immediately target treatment to the pathogen causing the infection. Earlier targeted treatment offers the potential to save lives while reducing healthcare costs, antibiotic usage and the length of hospital stays.
The company currently employs 12 staff at its base in Dublin and will be actively recruiting for a number of new R&D, engineering, quality and regulatory roles in the coming months.
Novus Diagnostics is led by lifescience industry veteran, Keith O’Neill, working alongside the co-inventors of the SepTec technology, and co-founders of the company, Elaine Spain (Chief Operating Officer) and Kellie Adamson (Chief Scientific Officer). Trinity Biotech co-founder, Jim Walsh, who also participated in this investment round, serves as the company’s Chairman.
“This investment is a major boost for the company and will enable us to expand our team and dramatically accelerate our development programme,” said CEO Keith O’Neill.
“Having the support of such experienced investors provides a significant endorsement of our mission to transform the diagnosis and management of life-threatening infections. We are building a revolutionary device that can detect and classify pathogens in the blood within 15 minutes.
“This will enable clinicians to provide targeted treatment hours or days earlier than is currently possible. Our focus now is on completing development and validation of the platform so the life-saving potential of SepTec can be realised in the clinic.”
Main image at top: Novus Diagnostics chief scientific officer and co-founder Kellie Adamson; CEO Keith O’Neill and chief operating officer and co-founder Elaine Spain
