HiberGene Diagnostics Limited, which focuses on applying molecular technology to infectious diseases, has raised 2 million euros ($2.26 million) in Series A funding. The investment includes 500,000 euros from Kernel Capital through the Bank of Ireland MedTech Accelerator Fund. The balance of funding came from private investors.
HiberGene Diagnostics Limited, a private Irish diagnostics company focussed on applying molecular technology to the infectious disease segment of the diagnostic market, has secured Series A funding of €2.0 million.
The syndicated investment comprises a €500,000 investment by Kernel Capital through the Bank of Ireland MedTech Accelerator Fund with the remainder of funds provided by Private Investors.
Having previously secured a licence from Eiken Chemical Company (Japan) for the LAMP (Loop mediated isothermal amplification) enabling technology, and with the financing in place, HiberGene will now commercialise its first two products, which are molecular tests for Meningitis and Group B Streptococcus (GBS). Both tests are highly accurate and rapid, producing positive results in less than ten minutes, making them ideal for use in a wide range of clinical, patient care and laboratory environments.
HiberGene plans to develop tests for other human infectious diseases, using the LAMP technology, both in-house and in collaboration with the Royal Victoria Hospital, Belfast.
Brendan Farrell, Chairman and CEO of HiberGene said: “We are very pleased to have secured our first round of financing and we are now ready to fully commercialise our first two products and to commence development of LAMP-based tests for other infectious diseases. Both the Meningitis and Group B Streptococcus products meet a currently unmet clinical need for rapid and accurate testing”.