Pictured at the announcement of the successful investment round in Irish diagnostic company, Metabolomic Diagnostics, are Frank Walsh, partner, Enterprise Equity (manager, AIB Seed Capital Fund); Katy Hyland, regulatory scientist, Metabolomic Diagnostic; and Charles Garvey, CEO Metabolomic Diagnostics.
Metabolomic Diagnostics, the Irish diagnostics company revolutionising pre-natal care, has secured an additional €750,000 in venture funding bringing the total investment in the company in the last year to €1.5m. This latest funding round values the company at 44% higher than the previous round.
The SOSventures Ireland Fund, as well as the AIB Seed Capital Fund and Enterprise Ireland, have invested in the company, which has developed novel, predictive diagnostic tests for the early detection of pre-eclampsia during pregnancy.
“The second round of funding shows the sustained confidence in our pre-eclampsia tests, which are being developed at our site in Little Island in Cork,” said Charles Garvey, CEO of Metabolomic Diagnostics. “With almost 80,000 deaths each year globally as a result of pre-eclampsia, this technology has the potential to save lives and revolutionise pre-natal care.”
Speaking at the announcement, Bill Liao, European venture partner, SOSventures International said: “The products being developed by Metabolomic Diagnostics are of enormous significance and we have huge belief in the executive team, their research and technology, as is evidenced by this second round funding. The women’s health tests being developed by this Irish diagnostic company have the potential for global impact, and therefore represent a significant market opportunity also.”
Ten million women develop pre-eclampsia each year. While the condition begins in early pregnancy, it does not typically manifest until the second half of the pregnancy. There is currently no predictive early screening test for pre-eclampsia, which can be a fatal condition, affecting both mother and baby.
Pre-eclampsia is characterised by rapidly increasing blood pressure and elevated protein in urine and once it escalates, the only treatment option is the delivery of the baby, often prematurely. The diagnostic blood test, which is the result of significant research into metabolomic biomarkers, will be able to detect the risk of pre-eclampsia early on in the pregnancy and ultimately save the lives of women and their babies through personalised medical interventions.