Mi Diagnostics, a spin-off of imec, the Global Nanoelectronics Research Center, has launched an ultrafast PCR test for use in the COVID-19 Point of Care.
Flemish entrepreneurs-investors Marc Coucke, Urbain Vandeurzen and Michel Akkermans have provided miDiagnostics with sufficient additional funding to support their transition to commercial enterprise. Management is enhanced by Katlen Verleysen as an experienced CEO and Hans Vanderwegen as an experienced COO.
The COVID-19 pandemic emphasizes the importance of abundant and accurate diagnosis. It will take a considerable amount of time for herd immunity to be achieved worldwide, and ongoing viral and new mutants pose significant challenges to the vaccination process. On the other hand, there is a strong need for fast and accurate tests that can be performed at airports, workplaces, events, clinics and even at home.
miDiagnostics has developed a rapid COVID-19 PCR test based on a diagnostic platform designed by imec in collaboration with Johns Hopkins University and licensed to miDiagnostics. A test that combines the accuracy of a central lab-based PCR test with the speed of self-testing. The nasopharyngeal swab sample is transferred to a PCR test card from which the results are read by a compact reader. This test can achieve superior accuracy 20 times faster than traditional PCR machines in the lab. miDiagnostics is already in talks about the first commercial collaboration and is in the final stages of agreement with all the suppliers needed to expand production. The first pilot program is scheduled shortly after summer.
Urbain Vandeurzen, Chairman of the Board, said: With the significant additional funding of 58 million raised, the total funding since 2015 will be 140 million. Strengthen miDiagnostics to enter the next phase of commercial success. This additional commitment was raised in 38 million new capital rounds by the major existing Flanders shareholder entrepreneurs, namely the family offices of Mark Cooke, Irvine Van Durzen and Michelle Ackermans, respectively. In addition, miDiagnostics has negotiated a 20 million undiluted loan with the EIB. With additional funding, this technical gem will remain completely anchored to Flanders. This is exceptional given the total amount of venture capital funding. “
Peter Verhaeghe, Independent Director and Chairman of the Audit and Finance Committee, said: From a R & D company to a fully integrated commercial diagnostics company. We provide an immediate solution to seek answers to this COVID-19 crisis. There was a lot of interest from foreign “venture capital” funds that have a proven track record in diagnosing current funding rounds, but it’s the Flanders entrepreneurs who get the gauntlets and take the business risk. ” Told.
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