Glyconics tests new diabetes device with £1.5m funding

Glyconics, a UK based innovative diagnostics company exceeded expectations by raising £1.5 million in an Enterprise Investment Scheme when they predicted an outcome of £850,000. The money will be invested into a trial to test the new, innovative diabetes screening tool, called Glyconics-SX.

By 2030, diabetes is expected to be the seventh biggest cause of death (according to the WHO). The critical factor for increasing life expectancy and being able to cope with it in the long term is to identify it early on.

Currently, screening relies on blood or urine tests; these are resource dense- using plastic disposable vessels, processing, financing, and planning. The traditional methods can also produce both a false positive and miss the disease entirely.

Glyconics-SX is a ‘game-changing’ point-of-care diabetic instrument that employs tiny infrared spectroscopy to identify biomarker changes in someone’s fingernail almost immediately. They are also better for the environment in the sense that they do not require single use plastic products.

Wealth Club, along with current investors Deepbridge Capital and Boundary Capital, took control of the round. The total sum raised was £1.5 million due to high interest from individual investors and angel investors.

Glyconics chief executive officer, Dr Kam Pooni, said that “Glyconics offers a transformational, cost-efficient, rapid and non-invasive approach to diabetes screening — and it is testament to this pioneering device and all at Team Glyconics that this raise was so significantly over-subscribed,”