Momentum Bioscience Ltd is pleased to announce the completion of a successful fundraising campaign. The funding of £1.68m is the first stage of an on-going investment programme and will enable the company to complete the validation, CE marking and launch of the first diagnostic test in its portfolio. It will also use the investment to establish new R&D and manufacturing facilities and progress the development of further products to bring to market.
ETGA technology has been shown to be capable of sensitively detecting the presence of viable microorganisms in a specimen by measuring microbial enzyme activity (DNA polymerase or DNA ligase). Enzyme activity coupled to PCR-based DNA detection results in a highly sensitive and rapid assay.
New investors in the company, which is headquartered in Cardiff include Finance Wales and Longwall Ventures ECF fund. Existing investors including South East Seed Fund, Wren Capital and individual investors also participated in this round.
Bill Mullen, CEO of Momentum Bioscience, comments, “Momentum is delighted with the continuing support of its existing investors and is pleased to welcome Finance Wales and Longwall Ventures as new investors. This funding round will enable the Company to progress significantly with its R&D programme and the launch of a first product.”
Melanie Goward, Deputy Fund Manager in Finance Wales’ Technology Ventures team, added, “Momentum’s proven ETGA technology offers better and faster diagnosis of infections in the bloodstream and this investment provides the capital needed to commercialise and launch it. Finance Wales is pleased to participate in this investment round which will also help Momentum establish a manufacturing facility at its new Cardiff headquarters and fund the development of some exciting new products.”
Commenting further on the investment, Matthew Frohn, Partner at Longwall Ventures said “We are pleased to be supporting Momentum Bioscience. Real innovations that encourage the more efficient use of antibiotics are long overdue and Momentum’s portfolio of rapid diagnostic tests for the presence of viable micro-organisms in clinical specimens should be a significant tool in the fight against increasing antibiotic resistance.”