Friday, 27 May 2011
Kernel Capital through the Bank of Ireland MedTech Accelerator Fund has made a €500k investment in Cork-based Radisens Diagnostics Ltd, a medical diagnostics start up company. The total round of €1.1m also comprises of private BES investment sourced by the Company and the remainder of the funds will be provided by Enterprise Ireland.
Radisens is a medical diagnostics start up developing disruptive laboratory grade platforms for ‘point of care’ testing into a rapidly growing addressable market. Using a finger prick of blood, multiple infectious diseases, cancers, cardiac markers and viruses can be diagnosed within minutes using a single instrument. Radisen’s 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, reduce patient waiting lists, pressures on hospital beds required, and ensure 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 twelve months.”
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.”
Jerry O’Brien, CEO, Radisens Diagnostics added: “Attracting a high calibre investor such as Kernel Capital 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.”