June 22 2017
£22m fundraise targeted for innovative diabetes monitoring platform
- First round of funding to advance development to pre-clinical trials
- Targets reduction of costs and patient turnaround times
Cork, Ireland – June 22, 2017 – Radisens Diagnostics, an Irish medtech business, is aiming to raise £22 million to bring its innovative diabetes management platform to market, backed by investors including Enterprise Ireland and one of the most prestigious American universities, and advised by Top Ten accountancy firm Moore Stephens.
Radisens is developing its platform to meet primary care needs for monitoring of those diagnosed with diabetes, and other co-occurring clinical conditions. The platform uses Radisens’ proprietary room temperature cartridge storage and small finger-prick sampling technologies, and its high-risk patient management tests, to uniquely address this market need.
Radisens’ diagnostic platform, a small table-top device to be operated by a single medical professional will focus on diabetes, cardiovascular and kidney monitoring, before cross-selling into neighbouring clinical care pathways.
Current investors in Radisens include Enterprise Ireland, the biggest venture capital investor in Irish businesses; Kernel Capital; one of the most prestigious American universities; and private investors. To date, Radisens has received £10m of development funding, research grants and equity investment from a number of multinational organisations and international institutions, yielding cost-effective product development.
Diabetes is one of the biggest current healthcare challenges, with an estimated 442 million adults worldwide, or 1 in 11, suffering from the condition. European Union and USA healthcare systems spend £78 billion and £284 billion, respectively, managing diabetes. This represents up to 15% of national healthcare budgets, with the largest proportion relating to hospital inpatient costs.
Regular monitoring in primary care clinics of those already diagnosed with diabetes has been shown to reduce such healthcare costs and improve patient outcomes. However, clinics require shorter patient turnaround times, improved workflow efficiencies, high-risk patient management support and improved patient experience.
Radisens includes a scientific team whose lead previously made significant contributions to the development of HIV testing, and a commercial team whose lead was previously involved in the launch of Viagra. The funds raised in this round will prepare the platform for pre-clinical trials, with the subsequent round taking it through regulatory approval and market launch to profitable growth.
Radisens CEO, Jerry O’Brien, comments: “Radisens is rising to the diabetes healthcare challenge to meet the needs of healthcare professionals, enabling them to improve patient outcomes and reduce significant healthcare costs. The platform will tackle some of the major barriers to diabetes management in terms of shorter patient turnaround times, increased workflow efficiencies and improved patient experience.”
Damian Ryan, Corporate Finance Partner at Moore Stephens, says: “Our global network of both trade and institutional investors recognises the extent of the diabetes challenge faced by health authorities, and the massive cost associated with patient care. Radisens is bringing a hugely exciting medtech innovation to market, with the potential to have a genuine impact on those problems.”