A welsh-based medtech firm has received funding to develop a diagnostic test for patients suspected of having Covid-19.
The company, Bond Digital Health, has received the funding to develop the digital element of the test, based on lateral flow technology, to provide test results quickly.
Lateral flow technology is used in a wide range of human diagnostics, including for infectious diseases such as cholera, malaria and HIV. The company is adding its digital connectivity to the test to allow test data to be securely captured, stored, analysed and shared in real time. Potentially this could allow authorities to monitor the spread of the outbreak.
Bond Digital Health is part of an international consortium producing a diagnostic test for patients suspected of having Covid-19. The consortium was set up by Canadian company Sona Nanotech Inc. and includes GE Healthcare Life Sciences.
Rafael Joseph, Assistant Investment Executive who worked on the funding deal for the Development Bank of Wales, said “Our investment is testament to our belief in their ability to scale up and make a real difference at this difficult time and to their longer-term growth in the global diagnostics market. We wish them every success.”
Alex Davies, founder of Wealth Club, said “When we first decided to help Bond raise funds through our service, we thought our members might find the opportunity interesting. That’s turned out to be a massive underestimation. Investor response has actually been phenomenal – the deal was oversubscribed by a factor of six. The offer opened at 10.00am. By 10.01am it was filled.”
“We are really pleased to be part of Bond’s ongoing success story and to be supporting a British business whose technology could help companies developing these urgently-needed new Covid-19 tests.”
Ian Bond, CEO of Bond Digital Health, said “In the fight against Covid-19, we need affordable, accurate, rapid tests in huge volumes. To make a real impact we need to collect the test data to help authorities monitor the spread of the outbreak. Bond is proud to be adding its unique digital connectivity technology to such tests.”
Bond plans to launch its Series A investment round in the coming months.
