Lein raises Significant Investment to develop Painless Test for Diabetics
Lein Applied Diagnostics Ltd, a Berkshire-based company that is developing a revolutionary new product to measure blood glucose levels in diabetics, has successfully completed a significant fundraising round through Thames Valley Investment Network (TVIN). The funding will enable Lein to produce next generation prototypes and perform clinical testing. The finance secured marks the third deal closed by the TVIN Network in 18 months.
Diabetes is a major problem, with 1.8 million sufferers in the UK and over 170m worldwide. The numbers are predicted to rise dramatically due to an ageing population and the general increase in obesity rates, but diabetes testing remains painful and time-consuming.
Dr Dan Daly, Director of Lein Applied Diagnostics, explained: “Diabetics must measure their glucose levels frequently to monitor and control their condition. They currently do this by taking a blood sample using a finger prick test, which is invasive, painful, carries the risk of infection, and is expensive for the NHS. As the test is uncomfortable, some people do not test themselves as often as they should, increasing the likelihood of complications such as heart disease and blindness.
Lein’s first product is expected to transform the way diabetics test their blood glucose levels. Our patented blood glucose meter uses optical measurement techniques to track the amount of glucose in the eye, which diabetics can use to obtain accurate readings of their blood glucose levels. The Lein instrument completely eliminates the need for finger prick tests, with their associated problems and expense, and should improve the quality of life for millions of patients. We believe that Lein’s innovative technology is set to cause significant disruption in the £2.6 billion self-testing market.”
Dr Daly praised Thames Valley Investment Network (TVIN): “We presented our business opportunity at one of the TVIN Network’s monthly meetings and were delighted to secure an investment from one of their investor members, Seven Spires Investments Ltd. The finance raised with the help of TVIN means that we can progress swiftly to develop advanced prototypes of our blood glucose instrument, and carry out clinical testing. These will build on the favourable results obtained from initial tests of our first prototype instrument, which were performed by the University of Manchester Department of Optometry & Neuroscience.”
Dr Dinali de Silva, Manager of the TVIN Network said: “I congratulate Lein on their successful fundraising, which follows on from their prestigious SMART Award. The TVIN Network provides a bridge between ideas and investment for entrepreneurs in Reading and surrounding areas, by helping them to raise capital of up to £1m to develop their early stage technology businesses.”
TVIN is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by the Thames Valley Economic Partnership, the South East England Development Agency and Business Link.
The next meeting of Thames Valley Investment Network is at 16:00 hrs on 21 October 2004 in Reading. Contact: Dr Dinali de Silva, Manager, on 01344 753365 or email: firstname.lastname@example.org
Margaret Henry | alfa
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