Metabolomic Diagnostics Secures Additional $2 Million in Venture Funding
News Jun 29, 2016
Metabolomic Diagnostics, has secured an additional €1.6 million in from investors to help complete PrePsia™, its new screening test for pre-eclampsia in first time pregnant mothers. This latest funding round is supported by existing investors, SOSventures, Enterprise Equity and Enterprise Ireland as well as a number of private investors.
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. The PrePsia™ blood test will be able to detect the risk of pre-eclampsia early in the pregnancy when it matters and will ultimately save the lives of women and their babies through personalised medical interventions.
The investment is being used by Metabolomic Diagnostics to commercialise the technology which is based on research by Prof. Louise Kenny, Director at the INFANT Research Centre in UCC, into metabolomic biomarkers during pregnancy. “Securing this new funding will allow Metabolomic Diagnostics to complete the development of PrePsia™ with a view to bringing the product to market in 2017”, said Charles Garvey, CEO Metabolomic Diagnostics.
The company has also announced that Dr. Jim Walsh has joined their board. Dr. Walsh currently serves as Executive Director of Trinity Biotech (NASDAQ: TRIB) and is Ireland’s leading diagnostics entrepreneur. Over the years Dr. Walsh has been responsible for making several high profile investments in diagnostic and medical device companies.
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”. The availability of PrePsia™ has the potential to dramatically improve patient outcomes, by saving lives and reducing the lifelong health complications that survivors live with.
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