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Quotient Diagnostics secures £1 million funding to move into production


News Release
30 March 2008

Quotient Diagnostics, developer of a new diabetes testing technology, has secured a further round of investment allowing it to take its Quo-Test system into production.

The company is focussing on a diabetes indicator known as A1c, which is a component of haemoglobin and an important indicator of a diabetic’s long-term condition.

The A1c test is used to check how well patients have their condition under control. With the rapid spread of diabetes around the world, clinicians increasingly look to A1c to help them tackle it. Quo-Test is significantly faster, cheaper and simpler to use than the alternative of sending a blood sample away for laboratory analysis. It provides a result in around 4 minutes, making it possible for a doctor or nurse to get a reading on the spot, so reducing costs and waiting times.

From its foundation in 2003, Quotient has been backed by an investor syndicate including GEIF Ventures, NESTA, The Capital Fund LP, and a group of angel investors. They were joined later by trade partner BBI Holdings.

In this new round, the company’s fourth, the previous investors have been joined by a further 13 angels, who account for half of the £1 million raised. The majority of newcomers are members of London Business Angels.

Dr. Greg Davidson, Quotient’s CEO, said: “This is another major step forward for the company. The shift from R&D to production is one that many a high-tech start-up never actually achieves. We always felt that there would be great market potential for our system and we are now poised to prove this. We are deeply grateful to investors old and new for their vote of confidence in us.”

About Quotient Diagnostics www.quotientdiagnostics.co.uk

The Quotient team combine expertise in biochemistry and instrumentation technology. They have developed a system comprising a low-cost reader and disposable cartridge for the monitoring of diabetes by clinicians at the Point of Care, i.e. in doctors’ surgeries or clinics.

This innovative technology, based on a fluorescence chemistry developed at St Bartholomew’s Hospital, is used to measure the percentage of haemoglobin molecules that are glycated, and to assess the risk of long-term complications in diabetes. Currently most A1C tests require a patient’s blood sample to be sent for testing at a central laboratory in a time-consuming and costly process.

Quotient has employed advanced electronics and optics to develop a high precision desk-top reader which can match the performance of a laboratory instrument but delivers results to the doctor in a fraction of the time. It combines the simultaneous measurement of absorption and the phenomenon of fluorescence reduction (“quenching”) in one step.

The test is performed in a small disposable cartridge which is read by a compact reader. It detects the subtle changes of fluorescence in the reagent, directly proportionate to the degree of glycation in the blood sample. The signal is then converted to a reading, the whole process taking about 4 minutes.

For further information contact Simon Harris 020 8481 9016/07976 204855

GEIF Ventures Early Growth Fund www.geifventures.co.uk

This is a £5 million fund managed by Cambridge-based IQ Capital and supported by the DTI’s Small Business Service. It invests in promising seed and early stage companies alongside business angel members of the Great Eastern Investment Forum.

NESTA www.nesta.org.uk

NESTA was established to pioneer ways of supporting and promoting talent, innovation and creativity in science, technology and the arts. NESTA’s income initially came from the interest on an endowment of £200 million from National Lottery funds and is now increased by additional endowments.

The Capital Fund www.thecapitalfund.co.uk

The Capital Fund LP is a £50 million venture capital fund which backs fastgrowing, small and medium-sized enterprises in Greater London. To date, the Fund has made over 58 investments i


Publisher Contact Information:

Quotient Diagnostics Ltd
+44 20 8481 9016
simon.harris@quotientdiagnostics.co.uk

Company profile of Quotient Diagnostics Ltd (acquired by EKF Diagnostics)
Past press releases of Quotient Diagnostics Ltd (acquired by EKF Diagnostics).

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