 October 2005
MEC Dynamics secures $2.5 million investment and a distribution deal for point
of care HbA1c device
Guildford, UK and San Francisco, Ca: MEC Dynamics (MEC), a new US company
specializing in innovative point-of-care medical devices, has announced the successful
completion of a $2.5 million fund raising. It has also finalized a distribution deal in
Asia with Asiaprise Biotech for its lead device, Avie, which is expected to be launched
in early 2006.
Avie is a rapid 5-minute test for the measurement of HbA1c, a key indicator of diabetic
complications. The sample is transferred from a finger prick to the strip without any
need for preparation or calibration. The immunoassay strip is read using an inexpensive
colorimetric handheld reader. The company has tests for lipids, cardiac enzymes and
tumor markers under development using the same technology platform.
Springhill Management Ltd (Springhill), a UK private equity management company,
syndicated the investment, with the majority of funding coming from the Springhill
Bioventures (SBV) fund. The Chairman of Springhill, Dr Kim Tan, said today: In
diabetes, it has been shown that regular monitoring of HbA1c levels, and careful
management of glucose in light of this, greatly reduces a diabetic patients risk of eye
complications, kidney disorders and nerve damage. Presently, however, HbA1c tests
are largely performed in central laboratories. This is costly and time-consuming and
hence infrequent. The Avie device will revolutionize diabetes management by allowing
regular, inexpensive and rapid testing of HbA1c to be done in the physicians office
or at home.
Further Information:
Springhill Management Limited
Tristan Brittain-Dissont
+44 (0) 1483 890 574
office@springhilluk.com
MEC Dynamics Corp
Mr Emmanuel Mpock
Download Press Release as PDF
|
