Cork & Dublin, 15 May 2018: Having been ranked among the top innovations in Europe, Metabolomic Diagnostics is set to receive €2 million in EU Funding under the Horizon 2020 SME Instrument, which received a total of 1280 applications from all over Europe.
One of only 3 Irish companies to receive this funding, the Cork-based biotech company will use the award to commercialise its breakthrough product, PrePsia™.
PrePsia™ is a simple blood test taken in early pregnancy, which can identify whether a woman may develop Preterm Preeclampsia. Preeclampsia is one of the biggest risks that women face during a pregnancy, claiming the lives of 75,000 mothers and 500,000 babies annually; survivors of the disease have a lifelong increased risk of developing a range of health problems.
PrePsia™ has the potential to transform prenatal care by allowing clinicians to administer effective treatments early that can dramatically reduce the incidence of the disease thus improving pregnancy outcomes whilst lowering healthcare costs for treating the disease. The EU has clearly recognised the value of PrePsia™, which has worldwide applicability, with the award of this significant funding.
Charles Garvey, CEO of Metabolomic Diagnostics said, “This award will be used to accelerate our go-to- market strategy. 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 programs worldwide. 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.”
Metabolomic Diagnostics has previously been supported by the EU through FP7 funding, as well as private investors, SOSV, Enterprise Equity AIB Seed Capital Fund and Enterprise Ireland.
Sean Burke, Horizon 2020 National Delegate, Enterprise Ireland: “The success of Irish companies in winning significant Horizon 2020 SME Instrument funding has its foundation in Enterprise Ireland supports which are focused on nurturing and developing the innovative solutions and capabilities of our SMEs. This is an excellent win for the team at Metabolomic Diagnostics and we look forward to working closely with the company in the future.”