Biotech start-up Metabolomic Diagnostics has secured €2 million in EU funding under the Horizon 2020 SME Instrument.

20th May 2018

Company: Metabolomic Diagnostics

Done Deal: €2 million EU funding

The clincher: “We plan to market the product next year, and with this support from EU, we believe that PrePsia has the potential to become part of pregnancy screening programmes worldwide” – Charles Garvey, chief executive, Metabolomic Diagnostics

Biotech start-up Metabolomic Diagnostics has secured €2 million in EU funding under the Horizon 2020 SME Instrument.

The Cork company is developing a blood test, which can be administered in the early stages of pregnancy, to determine if women may be at risk of developing preterm preeclampsia. Its PrePsia test evolved from UCC research into metabolomic biomarkers.

Metabolomic Diagnostics is one of three Irish companies awarded EU funding in the latest Horizon 2020 SME Instrument round, which received 1,280 applications from around Europe. Ireland’s Metabolomic Diagnostics, AuriGen Medical and Atxa Therapeutics were among 64 projects granted €110 million in this round. The three companies secured a combined €7 million in EU funding.

Metabolomic Diagnostics is led by Charles Garvey, Paul Hands and Diarmuid Cahalane. Established in 2011, the company has already raised €1.5 million over two rounds from investors including SOSventures Ireland Fund, AIB Seed Capital Fund and Enterprise Ireland.

Garvey has led several tech start-ups to exit, including Horizon Technology Group, which floated on the London and Dublin stock markets at a valuation of £90 million, and was acquired by Avnet.

Hands established Qumas in 1994. The quality management software firm sold to US medical software company Accelrys for US$50 million.

Garvey said Metamobolic’s PrePsia test had the potential to transform prenatal care by allowing clinicians to administer treatments early, thereby improving pregnancy outcomes, while lowering the healthcare costs associated with treating the disease.

“We plan to market the product next year, and now with this support from EU, we believe that PrePsia has the potential to become part of pregnancy screening programmes worldwide,” said Garvey.

“This award will be used to accelerate our go-to-market strategy. The award is recognition by the European Union of the huge progress we have made to date and the enormous societal benefit that our innovative test will bring to expectant mothers and their babies all over the world.”

Irish companies have acquired almost €62 million to date through the Horizon 2020 SME Instrument which aims to support SMEs with new ideas and ambitions to scale internationally.

Since the programme’s 2014 inception, Ireland has secured more than €513 million through Horizon 2020.

Article courtesy The Sunday Business Post By Elaine O’Regan  May 20, 2018