€2.4 million funding award for Novus Diagnostics, developers of SepTec
Novus Diagnostics is the only Irish company to receive the EIC funding in this round. In addition to the EIC grant, Novus Diagnostics was also awarded blended financing via significant additional equity financing from the EIC Accelerator, which targets breakthrough technologies and innovations.
What is sepsis?
Sepsis is a potentially life-threatening condition caused by the body's response to infection. Our bodies normally release chemicals into the bloodstream to fight an infection. Sepsis occurs when the body's response to these chemicals is out of balance, triggering changes,that can damage multiple organs.
49 million patients are diagnosed annually with sepsis and 11 million of them die.
Up to 80% of sepsis deaths are preventable with rapid diagnosis and treatment.
About SepTec
SepTec is a patent-pending in-vitro diagnostic device that screens blood for the diagnosis of sepsis associated blood-stream infection, accurately detecting and identifying pathogens within 15 minutes.
In development since 2014, SepTec is currently completing clinical device validation using suspected sepsis patient samples in collaboration with two Dublin hospitals and are working to accelerate the SepTec device to the next stage of commercialisation.
The microfluidic and ultrasensitive electrochemical detection technology was developed by company co founders, Dr Elaine Spain and Dr Kellie Adamson, previously Principal Investigators in the Faculty of Science & Health at DCU.
Dr. Spain said
“SepTec’s unique advantage is for the first time ever blood-stream infection diagnosis is driven directly to the point of care at the bedside where it is needed. Preliminary health economics studies suggest SepTec’s rapid blood test could result in a 50% reduction in mortality rate, 25 times fewer patients receiving unnecessary antibiotics and a healthcare saving between €17-40 million per 5 million population.”
Dr. Adamson said
“This award builds on our long-standing support from Enterprise Ireland and Science Foundation Ireland at DCU. It’s also important to acknowledge the help we’ve received from EIT Headstart 2020, Invent and support from the Lil’ Red Legacy. This really demonstrates how national funding is successfully aiding the translation of innovations such as SepTec, developed in Higher Education Institutes and Research Performing Organisations to industry in Ireland.
The EIC is greatly welcomed as it will enable us to industrialise the SepTec product and achieve our mission of saving millions of lives through early diagnosis and treatment of life-threatening illnesses not only in Ireland and Europe but across the globe.”