Strathclyde Uni spin-out Microplate Dx nets 'significant' seed funding to scale potentially life-saving test
A University of Strathclyde spin-out company has secured “significant” seed funding to scale up development of its “game-changing” diagnostic test to determine the right antibiotic for a patient in under 40 minutes, helping save lives.
Microplate Dx has come up with the test to detect antimicrobial resistance (AMR), a condition it said could kill more people than cancer and diabetes combined by 2050. It added that one in three women will by the age of 24 have at least one symptomatic urinary tract infection (UTI) necessitating antibiotic treatment, with such infections the cause of a quarter of life-shortening sepsis cases.
The firm said it has now completed an initial seed funding round of more than £500,000, led by specialist investor Deepbridge Capital LLP, and equity investment from the University of Strathclyde’s Strathclyde Inspire Entrepreneurs Fund. This is supplemented by the Stephen Young Entrepreneurship Award for investment into early-stage emerging entrepreneurs.
The equity investment has been bolstered by non-dilutive funding support from Scottish Enterprise via a £161,000 research-and-development grant, and from competition winnings such as Scottish Edge, including £70,000 secured in the latest round. The life sciences company was also selected to join Scottish Enterprise’s High Growth Ventures portfolio.
Microplate Dx chief executive Dr Stuart Hannah said: “Rapid diagnosis of the appropriate antibiotic treatment avoids lengthy delays in antibiotic prescribing, meaning patients suffering a life-threatening infection can be treated straightaway when the infection first presents, and start to recover much more quickly than with conventional methods. This hard-won funding will enable the team to scale up development of their UTI system, accelerating timelines towards regulatory approval, clinical deployment and eventual sales.”