£800,000 for Quotient

Diabetes testing technology developer Quotient Diagnostics has raised £800,000 from a syndicate of backers - including The Capital Fund, GEIF Ventures and NESTA - and will use the cash to develop its technologies through to commercialisation.

Presently at the pre-prototype stage, Quotient has developed a new method of testing for diabetes that offers significant advantages over current techniques.

‘The existing diabetes test has to be carried out in a hospital, requires a large blood sample to be taken and is both painful and slow,’ Quotient’s commercial director Simon Harris explains. ‘As a result, people shy away from taking it, but our test is quicker and simpler [most surgeries will be able to produce a result in about three minutes] and so it is a less of a concern for people.’

Quotient’s plan is to develop a final prototype over the coming 12 months or so and to this end the involvement of rival diagnostic tests group BBI in the funding round looks particularly significant. As part of the transaction BBI has been granted an option to up its stake in the business to 22 per cent. In exchange the Cardiff-based group is expected to assist Quotient in bringing its product to market. ‘BBI is a company we’re just getting to know,’ Harris points out, ‘but we’ve got a lot in common and hopefully they’ll be able to help us with the development work.’

Quotient’s aim is to have its system ready for market by late 2006.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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Early Stage Funding