Loop Medical today announced that it has received a $3.2 million grant to support pre-production and clinical trials required for the global registration of their medical blood collection device.
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This is the second grant received from the Bill & Melinda Gates Foundation for a total of $3.6 million.
Every minute, 10,000 patients worldwide have to undergo a painful and time-consuming procedure, called venipuncture, to collect blood specimens that are suitable for analysis.
Loop Medical developed a painless and easy-to-use blood collection device that enables the collection of blood samples that are large enough to be fully compatible with common high-throughput blood analyzers while improving safety (particularly in countries with low medical resources).
Together with Cerba HealthCare, an international leader in clinical pathology and histocytopathology and Loop’s partner since 2017, the solution has been designed so it can be fully integrated into existing centralized laboratories infrastructures and processes. The device targets clinical pathology laboratories, clinics, pharmacies, physician offices, as well as patients at home. The technology addresses the need to empower patients, communities and healthcare professionals through a safe and effortless solution in a highly commoditized blood collection market under significant price pressure.
“We are thrilled to have received this second grant from the Bill & Melinda Gates Foundation. It shows trust in our project and is a recognition that our early development activities are well managed. We are convinced our painless and easy-to-use device is a major breakthrough. It will benefit both the blood collection procedure itself and the safety and convenience of the end-to-end diagnostic process for a variety of health conditions and geographies around the world,” said Arthur Queval, Founder and CEO of Loop Medical.
Source: Company Press Release