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Irish company receives 2m funding from EU

Written by Robert McHugh, on 15th May 2018. Posted in Technology

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It was announced this week that Metabolomic Diagnostics is to receive €2 million in EU Funding under the Horizon 2020 SME Instrument. The company made an impression among 1280 applications from all over Europe.

The Cork-based biotech company will use the award to commercialise its breakthrough product, PrePsia, 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.  

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.

Speaking this week, CEO of Metabolomic Diagnostics, Charles Garvey 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."

Source: www.businessworld.ie

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