Ely-based Lumora attract £1.5 Million Funding

PUBLISHED: 11:43 06 June 2011

Chris Keightley (Chairman, Lumora), Laurence Tisi (CEO, Lumora), Ed Wass (Investment Director, Catapult), Jonathon Earl (Investment Director, Catapult); and Jim Reid (Non Executive Director, Lumora).

Chris Keightley (Chairman, Lumora), Laurence Tisi (CEO, Lumora), Ed Wass (Investment Director, Catapult), Jonathon Earl (Investment Director, Catapult); and Jim Reid (Non Executive Director, Lumora).

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Lumora, based on the Cambridge Business Park, has developed the simplest platform for molecular diagnostics based on an innovative signalling chemistry. The technology allows tests to be performed at a single temperature and without the need for expensive optics, hence hardware is uniquely simple and low-cost.

CATAPULT venture managers has led a £1.5 million funding round into innovative molecular diagnostic company Lumora Ltd.

The capital injection will be primarily used to accelerate Lumora’s entry into the clinical molecular diagnostic market, which is already valued at $6 billion and has the potential for explosive growth in emerging markets. The company’s development programmes focus on applications which benefit from the robust, affordable, easy-to-use nature of their core technology, such as an integrated testing station for gastrointestinal (GI) infections and an HIV viral load monitoring system to support drug therapy in the developing world.

Catapult has invested more than £1 million from its Catapult Growth Fund, with the balance coming from a follow-on investment from Lumora’s major shareholder, Tate & Lyle Ventures LP.

Having proven the technology within food safety testing, the company now plans to enter the much larger clinical diagnostics sector.

Lumora, based on the Cambridge Business Park, has developed the simplest platform for molecular diagnostics based on an innovative signalling chemistry. The technology allows tests to be performed at a single temperature and without the need for expensive optics, hence hardware is uniquely simple and low-cost.

Ed Wass, Catapult investment director, commented: “We are delighted to have the opportunity to work with Lumora’s excellent management team, led by CEO Laurence Tisi. We have also introduced a non-executive director to the board, Jim Reid, who has a strong track record in the molecular diagnostic sector and who has worked previously for several major companies in the space, including Roche and Chiron, as well as being a successful entrepreneur in his own right.”

Ed Wass concluded: “Lumora is a very exciting company with great prospects and vision and we are very pleased to be supporting its future growth.”

Chris Keightley (Chairman, Lumora), Laurence Tisi (CEO, Lumora), Ed Wass (Investment Director, Catapult), Jonathon Earl (Investment Director, Catapult); and Jim Reid (Non Executive Director, Lumora).

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