DestiNA Genomics raises £930,000
Access to quicker and more effective diagnostic tests for cancers and infectious diseases has moved a step closer after DestiNA Genomics, a University of Edinburgh spin-out company, completed a €1.2 million (£930,000) equity investment.
The funding will provide the firm with greater capabilities to commercialise the pioneering medical tests that will ultimately benefit both patients and healthcare systems, with earlier diagnosis cutting the costs of treatment.
The funding came from Scottish Investment Bank, Old College Capital and the Vitro Group of Spain, augmented by private investors in the UK, Spain, Belgium and Saudi Arabia.
The DestiNA technology arose from the invention and patent of Dr Juan Diaz Mochon and Professor Mark Bradley in the School of Chemistry at Edinburgh University, with the “SMART Nucleobase” patent now approved for grant in the US, Europe and beyond. The global molecular diagnostics market is estimated to reach about $8 billion by 2013, growing by about 10 per cent a year.