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Record funding for spin out company, set to benefit millions of patients worldwide

March 2nd, 2011

Across the developed world seven million people suffer from blood clotting disorders and undergo frequent blood tests to check their Warfarin medication. These patients, at risk from heart attacks and strokes, could soon be freed from this regular trip to the doctor and the long wait for the results.

Microvisk Technologies, a spin out company of STFC, is set to launch two versions of its Smartstrip® blood testing kits, for the home and surgery, in autumn 2011. This is thanks to Microvisk's latest successful funding round, having raised £10.5M, the largest total amount raised by a UK life science company in 2010.

One of the most widely prescribed drugs in the world, Warfarin is used to prevent dangerous blood clots that can lead to heart attacks and strokes. The US Food and Drug Administration (FDA) estimates that over one million new patients start taking the drug every year. It is difficult for doctors to prescribe the required dosage accurately because it can vary widely between individuals. If the dose is too low there is a risk of blood clots forming, while a dose that is too high can lead to a life threatening bleed. It can even be affected by food and exercise. Frequent blood tests are therefore essential, resulting in hundreds of millions of tests annually

Based on a micro-cantilever system, originally developed at STFC for planetary exploration, Microvisk has developed a hand held system for patients to monitor their blood clotting status in their own home, in the same way that a diabetic would test for glucose. The test result is immediate and can then be telephoned through to the doctor, saving a trip to the surgery.

Microvisk's 'SmartStrip®' is a disposable strip that uses embedded micro-sensors to work out the clotting speed of blood from just a finger prick sample and the results are displayed on the handheld reader. The clotting speed status of the patient is measured by tiny multi-layered paddles on the surface of the strip, and a memory chip ensures that the device is calibrated to provide the highest levels of accuracy. This is the world's first medical diagnostic strip based on this kind of technology.

Microvisk is now set to launch the home and surgery versions of its 'Smartstrip®' device onto the UK market in autumn 2011. The company is using the new capital to continue clinical trials in the UK and to expand its research and manufacturing facilities, as well as to recruit additional scientists, manufacturing and engineering staff. Microvisk is also preparing to start trials in the USA and Germany within the next six months, with product launches in both countries anticipated to follow in 2012.

Paul Vernon, Head of New Business at STFC, said: "As a spin out of STFC, Microvisk is a perfect example of what can be achieved when researchers and businesses work together, taking knowledge gained from fundamental science and using it not only to meet society's real healthcare needs, but also providing direct benefits to the UK economy with the creation of new businesses, wealth and jobs in the process."

John Curtis, Chief Executive at Microvisk, said: "There is a growing trend for home-based diagnostic care as we move rapidly away from the traditional, lengthy processes of sampling at a doctor's surgery. Microvisk's technology has the potential to save the NHS time and money, by stream lining appointments and ensuring correct dosage. This is particularly beneficial for countries faced with the financial pressures of caring for an aging population. We are therefore really excited to now be gearing up for the manufacture and launch of our 'SmartStrip®' product in the UK this autumn followed by Germany and the US."

This is the third successful funding round for Microvisk, which has secured £10.5m in 12 months - the largest amount raised by a UK life science company in a year. This latest round included investment from Porton Capital, Oxford Technology Management, New Hill (Boston, USA), Midven, the Rainbow Seed Fund, Finance Wales and private investors. Previous rounds in 2010 saw Microvisk attract £4.5m from new and existing investors.

Provided by Science and Technology Facilities Council

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