Iceni Diagnostics, the UK medtech behind a rapid lateral flow test for COVID-19, has secured total confirmed commitment of up to £2 million for 2021 in a new funding round. The company expects to have the results of trials for its test available imminently.
35 angel and local enterprise investors took part in the funding round, which saw £1.3 million in seed capital raised immediately and up to £2 million for 2021. New investors lead the funding round, which also saw 70 per cent participation from Iceni’s existing investors.
The company will use the funding to develop its commercial infrastructure and expand its senior team as it looks to maximise the potential of its pipeline of new products.
Iceni's technology is used to identify both COVID-19 and influenza from a single sample. Returning results within 15 minutes, it shows whether the live virus is present in a patient and, as a result, whether they are infectious or not.
Iceni co-founder Professor Rob Field said: “There's a vast, global potential in the application of our unique technology. We are using it to tackle COVID now, but it will also produce better vaccines and new diagnostic and therapeutic products in the future. The investment we have secured will enable us to attract new talent to the team at Iceni and maximise the significant opportunities we have in our pipeline."
Iceni Chairman Dr Berwyn Clarke added: “There is a great investment opportunity here with very strong potential returns. We are matching a unique proprietary technology with massive unmet need in markets around the globe."