Phoenix DX raises further £2.3m for development of a versatile point-of-care diagnostic kit for infectious disease Initially targeting upper respiratory tract infections
25 June 2019 – Phoenix DX Ltd, an ultra-rapid point-of-care (POC) molecular diagnostics company, announces the completion of its further fundraising round, raising £2.3m. The financing was led by Phoenix Bridge, a Hong Kong-based venture capital investor, and includes private investors. Phoenix DX will invest the proceeds in further developing its ultra-rapid diagnostic device, including completing a series of proof of concept clinical studies. It also intends to expand its proprietary molecular diagnostics technology, which should enable the Company to bolster further its IP position.
Phoenix DX is developing a proprietary ultra-rapid POC diagnostic that will initially test for infectious diseases of the respiratory tract. The novel platform combines for the first time DNA extraction, amplification, and detection into a single step, resulting in a potentially faster test turn around, lower costs, and higher diagnostic accuracy.
By offering a rapid, easy to use method for detecting infectious diseases, LIG Biowise’s technology can significantly reduce the time and costs of diagnosis by moving it from the laboratory to the POC in both primary and secondary care settings. Furthermore, the precision of the technology removes the subjectivity from prescribing practices, lessening the over-prescription of unnecessary antibiotics, reducing costs to the healthcare system. This technology has the potential to help reduce the over-prescribing of key antibiotics, which has been shown to directly correlate with the instance of antimicrobial resistance. Simultaneously, the costs of patient pathways in infectious disease areas are driven down through swift access to diagnostic solutions directly at the point of need.
Diagnostics in secondary care currently take 2-3 days for the results to reach the doctor in an intensive care ward. In the US alone, drug resistance already costs hospital care an extra $45bn a year and continues to rise. The number of global deaths from drug resistance is expected to increase by 10 times over the next 30 years based on current trends and cases of incidence. Drug-resistant infections in the US cost approximately $20,000-$25,000 more to treat per patient than regular infections.