A second Thames Valley Berkshire (TVB) Expansion Loan has been has been secured by Lein Applied Diagnostics to further advance the development and commercialisation of its precision measurement technology.
Having received its initial £200,000 TVB Expansion Loan two years ago, the Reading based company has used the funds to help expand its presence in global markets, including the US, China and Europe and continued its R&D work, resulting in the company’s first commercial successes via development and licensing deals that exploit its extensive patent portfolio. With the help of a £60,000 TVB Trade Finance Loan earlier this year, Lein also completed the development of a highly innovative instrument for use in the nuclear industry, resulting in an ongoing contract with a significant blue-chip engineering giant.
The company will now receive a further £85,000 TVB Expansion Loan to enable progression of its medical devices, which have the potential to impact significantly upon the ophthalmology, diabetes and pharmacokinetics (the movement of drugs around the body) sectors. In each area Lein is working with academic, medical and pharmaceutical experts to ensure products are commercialised to meet the needs of the relevant markets.
Prototypes of Lein’s non-invasive blood glucose meter have now undergone clinical trials at the Royal Berkshire Hospital and the University of Reading with positive results on both Type 1 and Type 2 diabetic volunteers. The meter is expected to be fully commercialised by 2020 when it is intended that people with diabetes will undertake glucose monitoring by simply looking into a mobile phone sized device that will take a reading from the eye.
Dan Daly, Lein co-founder and CEO says: “Having worked on developing and refining our platform technology over the last 13 years, we are keen to capitalise on its numerous applications in both medical and industrial markets. Our ongoing relationship with The FSE Group provides us with the support needed to explore and exploit these opportunities.”
Ian Baker, Senior Fund Manager at The FSE Group adds: “With several products in the pipeline and a working relationship with global pharmaceutical companies, Universities and NHS healthcare providers, Lein is well set for growth. The company is continuing on its path to revolutionise personal diabetes management and we are pleased to be supporting the team, whilst also helping them realise further commercialisation prospects.”
The TVB Funding Escalator is a £8.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which includes four different loan schemes and a growth equity fund, provides eligible companies – from start-up to established – with loans and equity funding between £25,000 and £250,000 for activities that will deliver high-growth and employment opportunities.
For more information about the Thames Valley Berkshire Funding Escalator, please visit www.thefsegroup.com/thames-valley-berkshire-funding-escalator or contact Ian Baker firstname.lastname@example.org tel: 01276 608517.