New funding for diabetes research company

Thu, 02 Jun 2011
A company which carries out research into medical diagnostic technology for diagnosing conditions such as diabetes has announced it is to receive nearly GBP1 million in new financing.

Oxford Medical Diagnostics (OMD), which also provides an industrial gas analysis service, intends to use the new funding, which is mostly from current investors and shareholders, to help it develop devices that diagnose and monitor both type 1 and type 2 diabetes .

The devices being worked on allow for the quick and accurate diagnosis and monitoring of metabolic and infectious diseases using breath analysis ' based on the volatile gas acetone, a biomarker for types 1 and 2 diabetes ' and so are non-invasive.

Tony Marchington, chief executive officer of OMD, which also has close links with the University of Oxford, commented "This injection of funds is a great vote of confidence from our existing investors and enables us to continue the development of our diabetes screening and monitoring device as we begin to generate our first revenues through fee-for-service agreements in the gas analysis field."

Chairman of OMD, John Jac, also said "OMD now embarks on the important task of identifying partners for device manufacturing and global distribution. Our shareholders are delighted with the company's progress."
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