Metamaterial Technologies Inc (MTI), a Halifax-based smart materials and photonics company, has acquired Medical Wireless Sensing Ltd, a U.K. developer of wireless devices for medical diagnostics and monitoring, including glucose monitoring.
No financial terms were disclosed.
MTI CEO George Palikaras said the deal provides his company with complementary advanced materials technology, intellectual property and new opportunities, including an ability to help design and develop low-cost, energy-saving medical equipment.
Founded in 2011, MTI last year secured $8.3 million in a Series A financing led by Radar Capital and joined by Innovacorp and other investors.
According to a report by Entrevestor, the company is looking to raise a US$10 million follow-on round this year.
Metamaterial Technologies Inc. Acquires Mediwise Ltd.
HALIFAX, July 10, 2018 /CNW/ – Metamaterial Technologies Inc. (MTI), a leader in smart materials and photonics, announced today that it has acquired Medical Wireless Sensing Ltd. (Mediwise), based in London, England. Mediwise is a medical research and development company that is pioneering cutting edge wireless devices in medical diagnostics and monitoring. Its patented technology uses metamaterials that can allow access and analysis of accurate diagnostic information from the human body non-invasively. Mediwise has an extensive patent portfolio with 22 patents in metamaterials for medical applications.
“This acquisition represents a significant strategic step in expanding MTI’s current portfolio for our shareholders,” said Doug Hall, MTI chairman of the board. “It will strengthen the company’s position in creating a stronger advanced materials business and increase its market potential.”
“Mediwise technology has the potential to allow users to non-invasively access specific information about their health and their body, faster and more accurately through the science of metamaterials,” said George Palikaras, Founder and CEO of MTI. “This is a strategic market-extension offering complementary advanced materials technology, intellectual property and new business opportunities for MTI. In the coming years advanced medical equipment will be less invasive and easier to use. With our technology platform we will enable the design and development of low-cost, energy-saving next generation medical equipment in partnership with OEMs.”
“Mediwise is developing product innovations which can be highly disruptive in the health-care industry,” said Professor Andrea Alu, Einstein Professor of Physics and Director of the Photonics Initiative at the Advanced Science Research Center at City University of New York. “The company is pioneering metamaterials to advance healthcare, with the application of broadband metasurfaces. These smart materials enable deep tissue, higher quality and faster medical diagnostics like imaging and glucose monitoring and have the potential to drastically improve everyday life.”
Mediwise has made significant advancements in non-invasive glucose monitoring and is working towards developing a new product called Glucowise™. Glucowise has the potential to safely detect the concentration of glucose in the blood stream without having to draw blood or use test strips.
“MTI is a leader in metamaterials and brings the expertise and the resources to accelerate our technology for the health care industry,” said Frederico Bastos, Vice President of Business Development at Mediwise. “We look forward to working with the team to see all our development turn into real life applications.”
Mediwise was founded in 2010 in London, England. In 2014 the company earned first place at MIT’s Building Global Innovators in Portugal for the health stream and was the overall winner. Mediwise partners include Queen Mary University and King’s College in London, England and the Leiden University Medical Centre in the Netherlands.
About Metamaterial Technologies Inc.
Metamaterial Technologies Inc. (MTI) is a smart materials and photonics company specializing in metamaterial research, nanofabrication and computational electromagnetics. The company has developed a new class of optical smart materials changing the way we use, interact and benefit from light. MTI is headquartered in Halifax, Nova Scotia and has offices in London, UK and Pleasanton, California
To learn more visit www.metamaterial.com. Twitter: @Metamaterialtec
For further information: Metamaterial Technologies Inc., Cindy Roberts, 1-902-222-3658, [email protected]