Medtech startup bolsters US expansion plans following seven-figure funding round

Glasgow diagnostics spinout Microplate Dx has closed a £2.5m seed funding round to develop its point-of-care diagnostic platform which can confirm the presence of bacteria and guide a patient’s doctor to effective treatment by rapidly identifying effective antibiotics to use and which ones to avoid.

Combining ‘novel’ hardware with proprietary data processing algorithms, Microplate Dx has developed a platform for rapid antibiotic susceptibility testing, enabling the optimum antibiotic to be prescribed by a clinician in minutes rather than days.

Investors in this funding round include existing investors Deepbridge Capital LLP and the University of Strathclyde in addition to new investors Scottish Enterprise, impact investor SIS Ventures and Boston based life sciences investor Thairm Bio, in line with the company’s plans for US market entry.

Antimicrobial resistance (AMR) is a major threat to global public health (WHO), currently responsible for more than 1.27 million global deaths each year and could result in 10 million deaths annually by 2050, more than cancer and diabetes combined.

Microplate Dx’s platform will initially be used to tackle urinary tract infections (UTIs), with the company having already completed several successful clinical studies. A urine sample is added to a cartridge which is then inserted into the device, with results expected within an hour.

With the product currently at prototype stage, new funding will allow Microplate Dx to continue its clinical trials in 2024/25, with a view to launching commercially across European pharmacies and exploring entry into the US market.

Spinning out from the University of Strathclyde in 2022, Microplate Dx was founded by Dr Stuart Hannah (CEO), alongside co-founders Professor Damion Corrigan (CTO), Professor Paul Hoskisson (CSO) and Dr Poonam Malik (Chair). Based at the University of Strathclyde, the firm employs 12 staff with plans to increase headcount by 25 per cent over the coming year.

Dr Stuart Hannah, Microplate Dx CEO, commented: “Our mission at Microplate Dx is to improve the quality of lives for patients by providing antimicrobial stewardship cost-effectively.

“Any delay in identifying the correct antibiotic for treatment can put lives at risks and huge pressure on clinical decision making, especially when the antibiotic sensitivity data that Microplate Dx can produce in an hour or less compared to the current approach that can take two days using existing techniques.

“With the combined experience of our team and board, Microplate Dx has the right blend of commercial and technical expertise to maximise the chances of right product-market fit and scaling up.”

By Matthew Neville – Senior Correspondent, Bdaily

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