QuantuMDx secures £15m equity investment from Vita Spring
QuantuMDx Group Limited, today announces it has secured a £15m equity investment from Vita Spring IVD Fund, L.P., a Hong Kong-based venture capital firm focused on early and growth stage medical device companies with disruptive technologies and global market potential.
Proceeds from the financing will be used to further the development and evolve the Q-POC™ platform to increase its functionality. The Company also plans to expand the menu of tests for Q-POC™ adding a multiplex respiratory panel, sexually transmitted infections (STIs), and HPV, amongst others, to the current SARS-CoV-2 assay.
Additionally, QuantuMDx and Sansure Biotech Inc. have entered discussions for a Cooperation Agreement. Sansure is an in-vitro diagnostic solution provider founded in Changsha, Hunan province, China in 2008, with over 1,500 employees and a broad product portfolio. The proposed agreement which offers QuantuMDx the opportunity to significantly accelerate the commercial development of Q-POC™ and its cassettes with an experienced partner in China, and other territories in South-East Asia. It also offers QuantuMDx the opportunity to optimise manufacturing as well as to broaden Q-POC™’s assay portfolio.
Jonathan O’Halloran, Chief Executive, QuantuMDx, said: “I am very pleased to announce this equity investment today which will enable us to further evolve the Q-POC™ platform, making our system one of the most innovative, high multiplexing, molecular point of care devices in the market. Vita Spring shares our mission of developing accurate and efficient solutions to identify pathogens and diagnose diseases and so we are delighted they have chosen to invest in QuantuMDx. We are also looking forward to our close future relationship with Sansure and believe they will be an excellent partner for QuantuMDx in China as we look to increase our global footprint in Chinese and adjacent markets.”
James Yan, Partner, from Vita Spring said: “We are delighted to invest in QuantuMDx, which is equipped with world class technologies to address acute and ever-growing point of care testing needs globally. We are also fortunate to have the opportunity to bridge the innovative technology and platform into the China market and look forward to working with Jonathan and his team to fully realise the potential of QuantuMDx as it enters into the commercial stage.”
Dr Keya Zhang, Head of Corporate Strategy from Sansure, said: “We are very impressed by the QuantuMDx team and by the capabilities of the Q-POC™ platform. QuantuMDx’s first test, a SARS-CoV-2 detection assay on its Q-POC™ device, is already validated and on the market and it is clear there is a great deal of potential in other indications beyond that. We only partner with innovative, world-class businesses, and technology with proven advanced levels of performance, and so QuantuMDx is a natural fit for Sansure and its future expansion ambitions.”