Cork company Radisens Diagnostics is preparing to leave Ireland’s leading business incubation hub, the Rubicon Centre, in light of major expansion plans.
The medical diagnostics company, which was founded in 2009, will move to a 10,000 sq. ft state-of-the-art premises in Ballincollig.
The company’s Gemini platform and breakthrough patent pending technologies have the ability to transform blood testing, allowing medical practitioners to instantly test for high-burden chronic disease with a single drop of blood.
The market for clinical diagnostics is expected to reach $70bn worldwide by 2017. While the clinical diagnostics segment is approximately 2% of healthcare spend, its outputs are in 70-80% of clinical decisions. The traditional method sees several vials of blood samples sent to central reference laboratories, which often leads to prolonged waiting times for results. With health services worldwide struggling to cope with an aging population and increasing levels of obesity, any service that improves access to the patient, speeds up the diagnosis or monitoring of a chronic condition, while saving time and money throughout the health sector, is welcomed.
Radisens Diagnostics was founded by Jerry O’Brien, a trained engineer with a commercial background. O’Brien was among the first participants of CIT’s Genesis programme (now New Frontiers).
Radisens took up offices in the Rubicon on completion of the Genesis programme and since then has continued to expand its multidisciplinary team. The company recently received a massive endorsement with €4.5m worth of funding from the EU Horizon 2020 programme for diabetes test development.
Speaking about the expansion, Jerry O’Brien said: “I would like to thank all the team at the Rubicon for their unwavering support, to the Radisens team and to my fellow entrepreneurs who still reside at the Centre which continues to create the positive environment that all entrepreneurs require to be successful. The Radisens team are facing exciting new challenges in our new Ballincollig premises and we look forward to contributing to the local Cork economy as we look to expand on a global scale.”
Speaking of the departure of Radisens Diagnostics, Paul Healy, manager at The Rubicon Centre said: “We are both delighted and sad that Jerry and his team are leaving the Rubicon Centre but seeing companies outgrow their space here is really a sign of success. I am confident that the future for Radisens is extremely bright and they will go on to becomes major players in the medical diagnostics world market whilst creating revenue and jobs in the Irish economy.”