Manchester, UK, 5 February 2018 – LIG Biowise Ltd, an ultra-rapid point-of-care (POC) molecular diagnostics company, today announces the completion of its Series A fundraising round, raising £1.8m. The financing was led by Phoenix Bridge, a Hong Kong based venture capital investor, and includes private investors. LIG Biowise will invest the proceeds in further developing its ultra-rapid diagnostic device, including completing a series of proof of concept clinical studies. It also intends to expand its proprietary molecular diagnostics technology, which should enable the Company to bolster further its IP position.
LIG Biowise is developing a proprietary ultra-rapid POC diagnostic that will initially test for infectious diseases of the respiratory tract. The novel platform combines for the first time DNA extraction, amplification, and detection into a single step, resulting in potentially faster test turn around, lower costs and higher diagnostic accuracy.
By offering a rapid, easy to use method for detecting infectious diseases, LIG Biowise’s technology can significantly reduce the time and costs of diagnosis by moving it from the laboratory to the POC in both primary and secondary care settings. Furthermore, the precision of the technology removes the subjectivity from prescribing practices, lessening the over-prescription of unnecessary antibiotics, reducing costs to the healthcare system. This technology has the potential to help reduce the over-prescribing of key antibiotics, which has been shown to directly correlate with instance of antimicrobial resistance. Simultaneously, the costs of patient pathways in infectious disease areas are driven down through swift access to diagnostic solutions directly at the point of need.
Diagnostics in secondary care currently take 2-3 days for the results to reach the doctor in an intensive care ward. In the US alone, drug resistance already costs hospital care an extra $45bn a year and continues to rise. The number of global deaths from drug resistance is expected to increase by 10 times over the next 30 years based on current trends and cases of incidence. Drug resistant infections in the US cost approximately $20,000-$25,000 more to treat per patient than regular infections.
Alex Sheppard, General Manager of LIG Biowise, commented:
“We are delighted to complete this Series A fundraising, and welcome Phoenix Bridge and our other new investors as shareholders. Since inception, we have made rapid progress in bringing our proprietary ultra-rapid, point-of-care molecular diagnostics technology from concept through to prototyping. These new funds allow us to progress development and we will be conducting our first proof of concept clinical studies. These will focus on applying our system to the accurate diagnosis of upper respiratory tract infections, where over-prescription of unnecessary antibiotics is a significant issue that is linked to the global rise of antimicrobial resistance. Importantly, the costs of patient pathways in infectious disease areas can be driven down through swift access to diagnostic solutions directly at the point of need. A portion of monies raised will also be deployed to further develop the underlying technology and generate further IP.”