First Venture Capital financing round concluded
Spectromics, the developer of rapid diagnostics to guide effective antibiotic treatment and reduce escalation of antibiotic resistance, concludes its first Venture Capital financing round.
New Wave Ventures, a UK based Venture Capital investor has led the financing round that will provide the necessary funds to optimise and fully characterise this novel technology that promises to control how antibiotic stewardship will be managed at the point-of-prescription.
Ian George, Chief Scientific Officer of New Wave Ventures said “We understand the anti-infective sector, and the opportunity for game changing technologies to gain rapid adoption in the fight against antibiotic resistance. We have made successful investments in anti-infective therapy companies, but we also recognise how diagnostics can provide a targeted therapeutic approach to ensure patients receive effective treatments. What we liked about the Spectromics technology is the fact that the test is fast enough to fit within the existing doctor-prescription-patient process. Also the test is low in complexity and cost, yet phenotypic so that the test keeps pace with pathogen mutation. Those are 3 primary characteristics that can make this technology a winner.”
Co-investor Professor Douglas Kell, Research Chair of Bioanalytical Sciences, The University of Manchester and past Chief Executive of the BBSRC said “As a microbiologist that has worked in the area of rapid diagnostics of complex systems for most of my career, and as a Founding Director of Aber Instruments (a company specialising in real-time biomass detection), I am impressed by the speed of this phenotypic test and from the data seen to date I believe it will be able to change how we select antimicrobials for effective treatment of individual infections.”
Neil Butler, CEO of Spectromics said “I am pleased to have investors that understand the value of a rapid phenotypic diagnostic that better targets antibiotic treatment at the point-of-prescription, remote from microbiology labs, whether in doctors’ surgeries, clinics or global health settings, i.e. in the frontline for antibiotic treatment.
We have a precise development plan of work over the next 6 months, and resources in place to carry it out. At the end of this work plan we will have optimised the test method and carried out a full evaluation of our first test for Urinary Tract Infection (UTI). We will then secure further financing for commercial product realisation and clinical studies.
What excites me most about this business is that we have a novel and unique technology that will be able to impact the way we use and preserve antibiotics. Also the timing couldn’t be better because the world is now conscious to the fact we are at threat from untreatable infections unless we use diagnostics to guide the antibiotics we have at hand.”
Spectromics was formed in April 2014 as a spin out from The University of Manchester. The founding scientists: Professor Roy Goodacre, of Manchester Institute of Biotechnology and Dr Mat Upton, of the School of Biomedical and Healthcare Sciences, Plymouth University, have worked on this technology for a number of years prior to company formation, they are now both Directors of the company.
The company was formed within weeks of filing the key patent application relating to this rapid, phenotypic diagnostic. The company is developing the technology into a point-of-prescription test that fits within a typical 10 minute doctor – patient appointment. It will consist of a low cost, simple to use instrument used together with test specific disposable cartridges. Each cartridge will test the sample for infection susceptibility against a panel of candidate antibiotics routinely used for that particular infection.
Neil Butler, a serial point-of-care diagnostic founding CEO, worked with the founders for two years prior to company formation, and he invested privately at company formation.
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