The capital injection will primarily be used to accelerate Cambridgeshire-based 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.
The Eversheds team was led by partner Glynne Stanfield, assisted by associate Robert Bough and solicitor Craig Luton.
Glynne commented:
“We are extremely pleased to have advised new client Lumora on this latest funding round, which will help it in achieving its strategic goals and entering the increasingly buoyant molecular diagnostic sector.”
Laurence Tisi, chief executive officer of Lumora commented:
“The platform is uniquely low-cost for both hardware and consumables and so represents an exciting new approach to bringing the advantages of molecular diagnostics to resource limited settings. Lumora is already collaborating with an internationally renowned not-for-profit organisation in the field of HIV viral load monitoring. As our legal advisor, Eversheds provided a fully comprehensive and efficient service.”
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