Upfront Diagnostics, a pioneering medical technology company based in Cambridge, today announced it has raised $4.3 million in a funding round to accelerate the commercialisation of its revolutionary stroke blood test, LVOne, in the UK and expand into new markets.
The funding round was led by Phoenix Investments, with participation from Cambridge Enterprise Ventures. Also, the company received non-dilutive funding from SBRI Healthcare as part of this round.
LVOne is a proprietary groundbreaking fingerstick blood test designed to diagnose strokes rapidly and accurately anywhere. It measures two biomarkers, GFAP and D-dimer in just a few minutes. The test has the potential to significantly improve patient outcomes by enabling faster treatment decisions and reducing the risk of long-term disability.
The new funding will be used to:
- Initiate commercialisation of LVOne in the UK and Europe
- Support regulatory approval processes in the US
- Expand the company’s research and development capabilities
Gonzalo Ladreda, CEO of Upfront Diagnostics, expressed his enthusiasm for the company’s future, stating:
“This funding round is a significant milestone for Upfront. It will enable us to bring LVOne to market and make a real difference in the lives of stroke patients. We are grateful for the support of our investors and partners, and we look forward to continuing our mission to improve stroke diagnosis and treatment.”
Dr Tito Bacarese, Chairman of Upfront Diagnostics, expressed his pride in the team’s accomplishment, stating:
“The perseverance and innovative spirit demonstrated by Upfront’s team have been instrumental in securing this funding. This achievement is a testament to their unwavering dedication to revolutionising the diagnostics landscape by providing elegant solutions for complex conditions. We are grateful to have the backing of a prestigious group like Phoenix Investments, whose support will enable Upfront to impact thousands of lives.”
Amanda Wooding, Deputy Head of Ventures at Cambridge Enterprise Ventures, commented:
“Upfront Diagnostics showcases the power of Cambridge innovation where groundbreaking science generates real-world solutions. We are proud to back a technology that promises to significantly improve stroke patients’ outcomes by allowing for a faster, better-informed assessment and treatment decisions.”
Image credits: Unsplash and Upfront Diagnostics
