OMD Obtains Close to GBP One Million in New Financing Round
News Jun 03, 2011
Oxford Medical Diagnostics (OMD), the developer of breath-based, medical diagnostic technology for the rapid, non-invasive, accurate and low-cost diagnosis and monitoring of metabolic and infectious diseases, has announced it has raised GBP 981,000 in new funding.
The company will use the funds alongside existing revenues to help finance the continuing development of its revolutionary diagnostic device for the diagnosis and monitoring of diabetes types 1 and 2, expected to be on the market in 2012.
The new funding came from current investors, shareholders and their immediate circle. It means the company has now raised GBP 2.24 million.
“This injection of funds is a great vote of confidence from our existing investors and enables us to continue the development of our diabetes screening and monitoring device as we begin to generate our first revenues through fee-for-service agreements in the gas analysis field,” said OMD’s CEO, Tony Marchington.
Marchington continued, “OMD now embarks on the important task of identifying partners for device manufacturing and global distribution.”
“Our shareholders are delighted with the company’s progress,” said OMD chairman, John Jack.