MSIF’s Seed Fund Backs Development of Revolutionary Blood Testing Technology

24th March 2007

A new technology could potentially save the lives of thousands through the early detection of fatal diseases, thanks to backing from Merseyside Special Investment Fund’s Liverpool Seed Fund.

PalindromX, a University of Liverpool spin-out company, has developed a patented technology that increases the sensitivity of blood testing. The technology gives a quicker and more accurate diagnosis that enables a more appropriate and timely treatment. It also significantly reduces costs by allowing doctors to run tests for several different substances at once rather than separately.

The company has secured an initial package of £100,000 from MSIF’s Liverpool Seed Fund to complete the Proof of Concept phase, where the viability of the technology and potential market demand are assessed.

The PalindromX team consists of directors Roger Duggan, Professor Bill Fraser, Professor Jim Gallagher, Dr David McCreavy and Chairman, Phil Goodwin.

Phil Goodwin said: “Traditional methods are often constrained by a high limit of detection. This method dramatically lowers that limit which increases the test's range substantially. Currently we are using the test for the early detection of thyroid and heart disease but it could also be used to test for cancer and many other conditions.”

“The money from the Liverpool Seed Fund means we can now develop the technology further through a more rigorous and relevant validation process. Once proven, we can begin the commercialisation process.”

Michael Bakewell, Investment Manager of MSIF’s £27m Liverpool Seed Fund said: “This technology has been scientifically verified by several independent bodies and has huge market potential. We are pleased to be supporting PalindromX.”

Lorna Green, Business Consultant at Liverpool Ventures who has been assisting the company said: “PalindromX has a gifted and dedicated team behind it and we believe that this technology is an important development in the global diagnostics industry. Liverpool Ventures will continue to work closely with the business and help it through the next crucial phase.”

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040 or Angela.White@msif.co.uk

Ends

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Photo shows L-R - Professor Bill Fraser, Phil Goodwin and Roger Duggan (PalindromX) with Lorna Green (Liverpool Ventures)

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