Mologic Limited, a Point of Care (POC) diagnostics company that provides Contract Research (CRO) and manufacturing (CMO) services, has secured capital investment of £4 million. Led by Foresight Group, the infrastructure and private equity investment manager, the investment has been made by funds managed by Foresight and Calculus Capital.
“The investment from Foresight and Calculus comes at the perfect time for Mologic and will enable the management team to focus resources on expanding the CRO activities and revenues while driving our own products through to commercialisation,” said Mark Davis, CEO at Mologic. “This will bring profitability across the divisions by 2019, and secure Mologic’s future as a world leader in diagnostic product development and manufacture in both human healthcare and agriculture sectors.”
The company is currently developing a portfolio of proprietary products, including diagnostics for infectious diseases, respiratory disease exacerbations (COPD and CF) and Sepsis. Moreover, it is also working with the Bill & Melinda Gates Foundation and running the Centre for Advanced Rapid Diagnostics (CARD) unit, which is developing a high sensitivity diagnostic platform on which multiple products will be based, aimed primarily at improving the health of people in the developing world.
“We are delighted to be providing further support to Mologic – we have worked together for a number of years and we continue to be impressed with the strength of the team,” said Alexandra Lindsay, investment director at Calculus Capital. “Welcoming Foresight as a partner in this latest fundraising round underlines the strong investment case for Mologic.”
The £4 million investment will be used to support product development completion and the launch of the product portfolio. It will also boost its entry into the US market, along with an expansion of the profitable contract services operations.
“Mologic has been doing fantastic work to date, using the profitable CRO business to fund the development of these exciting products with the potential to improve millions of lives,” added Chris Wardle, investment manager at Foresight Group. “Mark and team are growing the operation as they look to commercialise these products, which are showing strong clinical results, and addressing unmet clinical markets.”