Spin-out firm raises £1.7m
NORTH West medical diagnostic company Myconostica has raised £1.7m in a fourth round of fund-raising.
The University of Manchester spin-out firm, which is based in Sharston near Manchester, is developing and commercialising rapid and highly specific tests for life-threatening fungal infections.
The latest tranche of money will be used to launch additional molecular diagnostic products.
The company, launched three years ago, also announced two new appointments to its board, Dr Kai Deusch and John Rousseau. Both men have international pedigrees in investing in healthcare businesses.
Dr David Holbrook, chairman, commented: “We are pleased that both existing and new investors have contributed to this round. The new funding will allow the company to progress its diagnostic kits and continue its path to commercialisation”
