Microvisk Technologies, the developer of a handheld system to monitor the blood-clotting status of patients taking Warfarin, has raised GBP2.5m through a rights issue to existing investors.
A spin-out company from the Science and Technology Facilities Council, Microvisk is developing a medical diagnostic strip based on a micro-electro-mechanical system (MEMS) that was originally created as a movement system for nano-robots.
The Smartstrip uses sensors to work out the clotting speed of blood from a finger-prick sample and the results are displayed on a handheld reader.
Trials of the prototype device are progressing and Microvisk will use the new capital to finalise product development and start the testing necessary to secure regulatory approval in Europe and the US.
The company is on track to launch the Smartstrip system onto the market in 2011.
Warfarin patients must have regular blood tests at their doctor's surgery or hospital clinic to ensure they receiver the correct dose.
The drug is affected by food and exercise and if the dose is too low there is a risk of blood clots forming, which can result in a stroke or heart attack, while too high a dose can lead to a life-threatening bleed.
The Microvisk Smartstrip enables patients to test their blood-clotting ability at home, in the same way as diabetics test for glucose.
It requires far less blood than other systems, which means less pain for the user.
The coagulation status (clotting speed) of the patient is measured by tiny multi-layered paddles on the surface of the strip and a memory chip ensures the device is calibrated to provide high levels of accuracy.
