Relitect Ltd (“Relitect” or the “Company”), a new University of Leeds (the “University”) spin out and developer of a novel bioassay platform is pleased to announce that it has secured an investment of £750K.
The Relitect proprietary technology enables highly sensitive detection of biomarkers or other analytes in a label-free multiplexed format, using small sample volumes. It has potential for utilisation across the clinical diagnostics and life sciences industries.
Relitect’s core technology was invented by Company founders Professor Christoph Wälti and Professor Giles Davies from the University’s Faculty of Engineering. Over ten years of academic research work has been carried out prior to incorporation of the spin out.
The £750K investment into the Company was led by IP Group plc with co-investment from IP Venture Fund II and Scottish Enterprise’s investment arm Scottish Investment Bank via the Scottish Co-investment Fund. The finance has been committed in two equal tranches, the second of which is subject to the achievement of certain milestones. The investment will support the Company to build its internal research and development capability, as well as manufacture and test prototype devices.
In parallel to the investment the Company is also pleased to announce the appointment of Alan Thomson as Technical Director. Alan brings over seventeen years of knowledge in the diagnostics industry to the Company with experience spanning from fundamental research through to manufacturing, product launch and on-market support of diagnostic products. The company will be based in Scotland and has recently agreed a lease for laboratory facilities.
Christoph Wälti, founder and Director, comments: ‘It is very exciting to see the technology transition from academic research to industrial development. The Company is very well placed with the appointment of Alan and the support of IP Group to deliver a product to market that can revolutionise how diagnostic assays are conducted’.
Cassie Doherty, from the Healthcare team at IP Group, said: ‘Relitect is exploiting a technology that offers well validated and significant advantages to improve clinical diagnostics and make more informative life science research products. We are looking forward to being part of the Company’s development and growth.’
Kerry Sharp, Head of the Scottish Investment Bank, comments: ‘We are delighted Relitect has chosen to locate in Scotland and that we are able to support the development of the company and its exciting new technology.’