The University of Queensland’s newest start-up, RapiSure Pty Ltd, has secured its first round of investment from life sciences venture capital company, Symbiosis Group Ltd.
The company was formed to commercialise a rapid, point-of-care diagnostic test for meningococcal disease.
The test will be developed by Professor Michael Jennings from UQ’s Biological and Chemical Sciences Faculty.
Also known as bacterial meningitis, meningococcal disease affects about 120,000 people worldwide each year, with children under two years of age particularly vulnerable. However, the potential market opportunities for a test kit are substantial. While rapid diagnosis and treatment can be vital to prevent death, the disease is notoriously difficult to distinguish from other respiratory infections.
Rapisure was established by UniQuest, UQ’s main commercialisation company.
UniQuest Managing Director, David Henderson said that if RapiSure’s diagnostic test development was successful it would be the first of its kind in the world, requiring only a pin prick of the patient’s blood.
“RapiSure is designing its rapid diagnostic test for use by doctors in surgeries and hospitals to allow immediate treatment to be administered,” said Mr Henderson.
“The investment from Symbiosis Group should allow RapiSure to develop a prototype by early 2007 with prototype production and clinical validation continuing into 2007.”
The company’s test potentially could be on the market within less than three years.
Symbiosis Group Ltd Acting Chief Executive Officer, Stuart Smith, said that the potential market opportunities for RapiSure’s technology were significant.
“While RapiSure’s technology is early stage, Symbiosis was impressed by the strength of Professor Jennings’ scientific research and his reputation as a world-leader in bacterial meningitis,” said Mr Smith.
“We are confident this technology has the potential and basis for commercial success.”
Media enquiries: Joanna Squires (UniQuest) 07 3365 4037, or Stuart Smith (Symbiosis Group) 07 3025 3218 or 0404 488 777.
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