Kernel leads €1.1m investment in Radisens Diagnostics
Cork – May 27, 2011 – Kernel Capital has led a €1.1m investment in Radisens Diagnostics Ltd, a medical diagnostics start-up. The investment comprises of a €500k investment by the Bank of Ireland MedTech Accelerator Fund with the remainder of the funds provided by Enterprise Ireland, and private angel investors sourced by the company.
Commercially available, rapid, multiplexed screening tools are urgently needed to enable early detection of a multitude of diseases for patients and to manage already diagnosed conditions. Radisens is developing a single instrument to test for multiple diseases that requires only a single drop of blood and can be performed and interpreted by any general physician within minutes. No such solution currently exists; various companies have developed instruments which only part-test separately for some blood ailments and diseases. The Radisens solution will enable test results to be shared instantaneously with patients for chronic conditions (diabetes, hypertension, chronic kidney disease), infectious diseases, thyroid function, early cancers, cardiac ailments and virus diagnosis.
Radisens’ technology has the potential to decentralize clinical blood testing into point-of-care settings such as GP clinics, outpatients departments, emergency rooms and small to medium sized hospital labs. Blood testing at point-of-care can save lives, deliver significant productivity gains and work practice efficiencies, reducing patient waiting lists and pressures on hospital beds required, and ensuring optimal use of professional time.
Commenting on the announcement, Niall Olden, Managing Partner, Kernel Capital said: “Radisens is another example of an excellent life science start-up. Led by Jerry O’Brien, the company has strong intellectual property with many worldwide patents pending. The company has established significant commercial relationships and anticipates first commercial revenues within 12 months.”
Jerry O’Brien, CEO, Radisens Diagnostics added: “Attracting such a high calibre investor at this early stage in Radisens’ development significantly endorses our unique value proposition, in what is an $8 billion market segment. Radisens’ innovative convergence of medical diagnostics and consumer electronics fields will transform this sector, uniquely addressing clear unmet clinical and commercial needs.”
Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “We are delighted to add Radisens Diagnostics to the long list of cutting edge companies supported by Bank of Ireland funds. We are pleased to support the Company along with Kernel Capital who can also bring its expertise in medical diagnostics and semiconductors together in this investment in Radisens which is a fusion of both technologies.”
Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: “Enterprise Ireland is delighted to have supported this highly innovative ambitious company. Our priority is to grow a strong base of innovative indigenous companies with the products and services and business development strategies capable of winning new export markets and growing jobs in Ireland. We look forward to working closely with Radisens Diagnostics in developing this exciting project.”