Oxford Medical Diagnostics (OMD has raised £981,000 in new funding to help finance the continuing development of its diagnostic device for the diagnosis and monitoring of diabetes types 1 and 2, expected to be on the market in 2012.
With the new funding the company has now raised £2.24m.
OMD is developing a combination of technologies that makes it possible to provide low-cost diagnosis and monitoring of metabolic and infectious diseases through the simple and non-invasive analysis of breath.
Its initial objective is to bring to market a non-invasive point-of-care (at-patient) diagnostic instrument to detect the volatile gas, acetone, a known ‘biomarker’ for diabetes – both types 1 and 2.
The company’s expertise also allows it to offer an industrial gas analysis service, giving it an on-going revenue stream.
The firm has just signed a research & development agreement with industrial gas analyst specialists, Michell Instruments of Ely, UK.
Proprietary and patented technologies within OMD include Cavity Enhanced Absorption Spectroscopy (CEAS), based on tunable diode lasers, Broadband Cavity Enhanced Absorption Spectroscopy (BBCEAS), which uses super-luminescent light emitting diodes and Plasma Emission Spectroscopy (PES).
OMD CEO Tony Marchington said the company now embarks on the important task of identifying partners for device manufacturing and global distribution.