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News from 2008> |
Lein Applied Diagnostics Limited (Lein), developer of non-invasive optical measurement technology, announces that it has raised £1 million from the UPF (the UMIP Premier Fund, managed by MTI)and the National Endowment for Science, Technology and the Arts (NESTA). |
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Lein is developing an innovative confocal scanning technique in which a low power beam of light is shone into the eye, providing a non-invasive measurement of the blood glucose levels in people with diabetes.
This procedure is currently performed by patients taking a pin prick of blood 3-4 times a day, and Lein’s pain-free alternative promises to significantly disrupt the $7bn market for blood glucose monitoring.
The new investment will enable Lein to miniaturise its technology, creating convenient, hand-held devices. Lein also intends to undertake further clinical work on blood glucose monitoring, building on studies already undertaken at The Royal Berkshire Hospital.
Dan Daly, Lein’s co-founder and director said: “We are delighted to announce the successful closure of this first stage of Lein’s current round. This funding will allow us to build on our successes to date and implement and validate our technology in its hand-held form.
“As we move towards market, the combined qualities of Lein’s three institutional investors – Seven Spires, UPF and NESTA – will ensure that the company has a strong base from which to grow.”
Graeme Clark, co-founder and director added: “As Lein has proven its technology we have generated increasing interest from a number of complimentary markets. We are now positioned to start exploiting that interest to the full.”
David Holbrook, Director of MTI Partners said: “We have been watching Lein develop over the last few years and have been monitoring its substantial technical progress.
“We have been impressed with the way the founders have harnessed research and technology from a number of different sources, including The University of Manchester.
David concludes: “Lein has set itself ambitious targets for the coming year but we are confident they will achieve them.”
Ivan Griffin, Investment Manager at NESTA, added “Diabetes is a growing problem around the world. Lein’s technology has great potential to both improve the quality of life for people with diabetes, and reduce this condition’s ever increasing financial burden on the healthcare system.”
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