A SPIN-OUT company from Glasgow University has secured more than £1 million in funding to develop medical testing kits for cancer and infectious diseases for use in the home.
Mode Diagnostics says the market for self-testing products is worth about £7 billion globally and is developing rapidly as governments around the world struggle to fund healthcare.
The firm raised £975,000 from equity investors including London-listed IP Group, Glasgow-based Kelvin Capital, London-based Parkwalk Advisors and the Scottish Investment Bank.
The firm’s directors and managers also took stakes in the business, along with the university.
A further £136,000 was raised through research and development grants.
The funding will allow Mode to develop its products and recruit an experienced management team to take its testing kits to market.
Chief executive Paul Heaney said: “Mode is all about giving health-conscious consumers products that will let them monitor and screen their health and benefit from the improved outcomes of treating diseases at an early stage.
“Our products give early warnings and this can lead to highly successful early medical treatments. We are delighted that our investors share our belief in the company’s novel products and our potential to build a strong and successful international company.”
The firm is working on products designed to allow consumers to check themselves for early indications of a range of ailments, including various cancers and infectious diseases.
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