QuantuMDx Group raises £11m Series B from the British Business Bank to scale manufacturing
The company secured an £11m convertible loan to scale manufacturing and commercial operations for its point-of-care diagnostic system.
QuantuMDx Group is a life sciences business developing molecular diagnostic technologies for point-of-care testing. Its portable Q-POC system delivers rapid test results for pathogens including SARS-CoV-2.
QuantuMDx Group has secured £11m in a new funding round structured as a convertible loan. The financing features participation from the Future Fund, a government scheme delivered through the British Business Bank, alongside contributions from longstanding private backers.
The proceeds will be directed towards completing manufacturing scale-up and commercial rollout for Q-POC, the company's rapid molecular diagnostic system. The platform detects the virus causing COVID-19 and delivers results in approximately 30 minutes.
This capital injection arrives following a period of operational development for the Newcastle firm, which has seen its technology prepared for broader commercial release. The latest funds add to a series of financial milestones achieved by the company since the beginning of the previous year.
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About the company
QuantuMDx Group
QuantuMDx Group develops point-of-care molecular diagnostic systems.