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UK-based QuantuMDx bags £15M funding to develop its Q-POC device that transforms PCR testing

QuantuMDx

Headquartered in Newcastle upon Tyne, QuantuMDx is passionate about empowering the world to control disease and reduce suffering. Today, the company has bagged a £15 million in equity investment from Vita Spring IVD Fund, L.P., a Hong Kong-based venture capital firm focused on early and growth stage medical companies with disruptive technologies and global market potential.

Development of Q-POC platform

QuantuMDx will use the proceeds from the funding round to further the development and evolve its Q-POC platform to increase its functionality. Also, the company plans to expand the menu of tests for Q-POC, thereby adding a multiplex respiratory panel, sexually transmitted infections (STIs), and HPV, amongst others, to the current SARS-CoV-2 assay.

The company’s Q-POC device is a portable full PCR system. It delivers rapid, multiplex molecular diagnostic testing at the point of need and delivers results in nearly 30 minutes. It compresses an entire molecular diagnostic laboratory into a simple to use, accessible and affordable single device. It is designed for use in a wide range of settings such as hospitals, clinics, pharmacies, and workplace testing providing accurate PCR results at the point of need.

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.”

Enters agreement with Sansure

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 agreement 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. Also, it offers QuantuMDx the opportunity to optimise manufacturing as well as to broaden Q-POC’s assay portfolio.

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.”