A maiden investment for healthcare and diagnosis business Metabolomic Diagnostics has received contributions from SOSventures Ireland, AIB Seed Capital Fund, as well as government agency Enterprise Ireland.
The business, which is based near Cork, has previously been privately funded to date having been spun out of University College Cork.
Metabolomic has closed the €750,000 (£623,000) funding round so that it can validate and refine its PrePsia product – an early pregnancy screening test for pre-eclampsia.
Bill Liao, European venture partner at SOSventures International, believes that Metabolomic has a great team and ‘real shot’ at significant and fast commercial success.
‘Their product has a real chance of saving lives of mothers and their babies which is pretty cool,’ he adds.
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The disease Metabolomic is targeting, pre-eclampsia, involves high blood pressure and elevated protein in the urine and can lead to a restricted blood supply to a foetus. If identified, the only treatment option is to deliver a baby prematurely.
Metabolomic is developing a blood test administered 15 weeks into a pregnancy which the company says will predict (with a ‘high degree of accuracy’) the risk of developing the condition later in pregnancy.
Sean Sherlock, Irish minister for research and innovation, says, ‘This is an important investment, given the potential significance of this metabolic test, the results which include saving lives.’