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9 November 2017

Microbiosensor finds hue of $1.8m investment

Microbiosensor will use the funding to advance its handheld infection diagnosis tool through critical development and clinical testing.

Author: Callum Cyrus, reporter

Microbiosensor, a UK-based medtech spinout from University of Manchester, has received £1.4m ($1.8m) from government-backed Northern Powerhouse Investment Fund (NPIF) and local government-backed Catapult Cheshire Life Sciences Fund.

Microbiosensor aims to improve the diagnosis of urinary tract infections and certain kidney problems with a handheld machine that changes colour to notify physicians and patients should an infection escalate.

The business was co-founded by CEO Gordon Barker, who received a PhD in philosophy, biochemistry and molecular biology from Manchester in 2004, and also exploits research by Curtis Dobson, a professor of translational biology and chairman of Microbiosensor.

The money will be used to advance Microbiosensor's technology through critical development and clinical testing. Additional capital will help create value, meet the spinout's business growth strategy and firm up its intellectual property (IP).

Microbiosensor has not disclosed previous funding, however the company secured a £100,000 development contract from the public National Health Service-backed Small Business Research Initiative for Healthcare (SBRI) in April 2016.

The award was followed by a second SBRI tranche of undisclosed size in February 2017, but the company did not cede any of its IP.

NPIF is a £400m, EU-backed initiative which aims to lure investors for small and medium-sized enterprises in the north-east of England from 2016 to 2021. The vehicle is run by British Business Bank, the state-owned economic development bank.

Gordon Barker said: "We are delighted to be working with the team at Maven. The NPIF investment will be transformational for the company, funding the pivotal clinical trials we need to take our first medical device product to market." 

– This article has been updated following Microbiosensor's announcement on November 16 that it had raised a total of £1.4m in the round and not £700,000 as previously reported by third party sources.

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