NEW YORK (360Dx) – Metabolomic Diagnostics said on Tuesday that it has secured €2 million ($2.4 million) in European Union funding under the Horizon 2020 SME Instrument, an initiative to accelerate growth in small- and medium-size companies.
The Cork, Ireland-based biotech firm said it will use the funds to commercialize its PrePsia blood test for women in early pregnancy to detect whether they could develop preterm preeclampsia.
Metabolomic Diagnostics applies liquid chromatography-tandem mass spectrometry, or LC-MS/MS, to determine the levels of several metabolites simultaneously in a drop of blood. Its PrePsia test calculates a pregnant woman’s risk of developing preeclampsia based on the levels of a few metabolites, the firm said on its website, adding that it expects to offer a dedicated analysis through established clinical laboratories with LC-MS/MS capabilities.
Charles Garvey, CEO of Metabolomic Diagnostics, said in a statement that the firm will use the funding to accelerate its 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," he said.
Preeclampsia is one of the greatest risks that women face during pregnancy, claiming the lives of 75,000 mothers and 500,000 babies annually, and survivors have a lifelong increased risk of developing a range of health problems, the firm said.
Metabolomic Diagnostics had previously received funding under the EU's 7th Framework, or FP7, program and financing from private investors, capital venture firm SOSV, Enterprise Equity AIB Seed Capital Fund, and Enterprise Ireland.