Diagnostics company Altratech has been approved for €10.5 million investment from the European Innovation Council’s (EIC) Accelerator Programme.
The investment will allow the Cork-based company, which has developed a molecular testing platform, to run clinical trials on HIV patients as well as scaling up manufacturing and product development over the next three years, Enterprise Ireland (EI), said in a statement.
“This award from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland will enable us to conduct both preclinical and clinical trials on the initial application of this technology. Furthermore, we can extend our product offerings into other diseases building a strong pipeline based on this innovative solution,” Altratech chief executive Dr Tara Dalton said.
The EIC Accelerator Programme provides grants of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million in a blended finance offer, EI said.
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Altratech’s diagnostic tool uses a platform that integrates silicon chip technology with nanotechnology, allowing treatment to take place outside of hospitals and more traditional medical settings.
The award along with the support from Enterprise Ireland “will enable us to conduct both preclinical and clinical trials on the initial application of this technology”, Dr Dalton said.
Dr Dalton continued saying the investment would allow the company to extend its product offering into other areas “building a strong pipeline based on this innovative solution”.
At the moment, the Altratech devices diagnose how much virus someone has in their system. However, Dr Dalton said the company plans to extend the capabilities of the tool to include checking for the presence of a virus in a blood sample.
Minister for Enterprise, Trade and Employment Peter Burke said that the company is “making great advancements in the crucial area of rapid diagnostic testing outside of healthcare setting”. The support from the European Innovation Council shows how the company’s introduction of using technology to diagnose and monitor a condition allows “testing by anyone, anywhere, and at anytime”, he said.
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