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.