News & Insights

MWM Advise on Investment in Novus Diagnostics

MWM were delighted to advise Grimpeur Holdings Ltd, the lead investor in the recent funding of Novus Diagnostics.  Irish medtech company Novus Diagnostics raised €5m in equity financing to further develop its rapid detection sepsis test.

Enterprise Ireland and the European Innovation Council (EIC) also participated in the round.

Founded by Dr Elaine Spain and Dr Kellie Adamson, Novus Diagnostics started out under the name of its flagship medical device, SepTec. This technology can test for sepsis and get results within 15 minutes. The start-up’s device was dubbed the “One to Watch” at the 2018 Big Ideas showcase of science-led start-ups.

Novus Diagnostics technology recently delivered promising results in pilot-scale clinical studies at Beaumont Hospital in Dublin. The company currently employs 12 staff at its base in Dublin, with plans to recruit for a number of R&D, engineering, quality and regulatory roles in the coming months. It is working with researchers on a €3.3m project to develop an AI-driven patient monitoring platform combined with a diagnostic test.