QuantuMDx secures £15 million equity investment from Vita Spring and enters into Cooperation Agreement discussions with Sansure Biotech

QuantuMDx secures £15 million equity investment from Vita Spring and enters into Cooperation Agreement discussions with Sansure Biotech

• Funds will be used to develop further multiplexing capabilities and menu expansion in collaboration with Sansure, on the Q-POC™ device
• Cooperation Agreement to accelerate regional commercialisation of Q-POC™ and its cassettes in China and other South-East Asian markets as well as offering potential for manufacturing optimisation and broadening of Q-POC™ assay portfolio

NEWCASTLE UPON TYNE, UK, 8 NOVEMBER 2021. QuantuMDx Group Limited (“QuantuMDx”), today announces it has secured a £15 million equity investment from Vita Spring IVD Fund, L.P. (“Vita Spring”), a Hong Kong-based venture capital firm focused on early and growth stage medical device companies with disruptive technologies and global market potential. Proceeds from the financing will be used to further the development and evolve the Q-POC™ platform to increase its functionality. The Company also plans to expand the menu of tests for Q-POC™ adding a multiplex respiratory panel, sexually transmitted infections (STIs), and HPV, amongst others, to the current SARS-CoV-2 assay.

Additionally, QuantuMDx and Sansure Biotech Inc. (“Sansure”) have entered discussions for a Cooperation Agreement. Sansure is an in-vitro diagnostic solution provider founded in Changsha, Hunan province, China in 2008, with over 1,500 employees and a broad product portfolio. The proposed agreement which offers QuantuMDx the opportunity to significantly accelerate the commercial development of Q-POC™ and its cassettes with an experienced partner in China, and other territories in South-East Asia. It also offers QuantuMDx the opportunity to optimise manufacturing as well as to broaden Q-POC™’s assay portfolio.

Jonathan O’Halloran, Chief Executive, QuantuMDx, said: “I am very pleased to announce this equity investment today which will enable us to further evolve the Q-POC™ platform, making our system one of the most innovative, high multiplexing, molecular point of care devices in the market. Vita Spring shares our mission of developing accurate and efficient solutions to identify pathogens and diagnose diseases and so we are delighted they have chosen to invest in QuantuMDx. We are also looking forward to our close future relationship with Sansure and believe they will be an excellent partner for QuantuMDx in China as we look to increase our global footprint in Chinese and adjacent markets.”

James Yan, Partner, from Vita Spring said: “We are delighted to invest in QuantuMDx, which is equipped with world class technologies to address acute and ever-growing point of care testing needs globally. We are also fortunate to have the opportunity to bridge the innovative technology and platform into the China market and look forward to working with Jonathan and his team to fully realise the potential of QuantuMDx as it enters into the commercial stage.”

Dr Keya Zhang, Head of Corporate Strategy from Sansure, said: “We are very impressed by the QuantuMDx team and by the capabilities of the Q-POC™ platform. QuantuMDx’s first test, a SARS-CoV-2 detection assay on its Q-POC™ device, is already validated and on the market and it is clear there is a great deal of potential in other indications beyond that. We only partner with innovative, world-class businesses, and technology with proven advanced levels of performance, and so QuantuMDx is a natural fit for Sansure and its future expansion ambitions.”

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Notes to editor:

About QuantuMDx:

QuantuMDx is a company passionate about empowering the world to control disease and reduce suffering. QuantuMDx tackles real-world diagnostic problems by delivering molecular point of care solutions for anyone, anywhere. QuantuMDx has operations and strategic partnerships in the United States, Asia, Australasia, Europe, and Africa – keeping it at the forefront of molecular diagnostics.

Q-POC™ is a rapid, simple to use, portable, sample to answer PCR device and has been designed for use in a wide range of settings, such as hospitals, clinics, pharmacies, and workplace testing providing accurate PCR results at the point of need. Q-POC™ and its first test, a SARS-CoV-2 detection assay, are CE-IVD marked under the In Vitro Diagnostics Directive (98/79/EC), enabling use within Europe. For more information about QuantuMDx and Q-POC™, its rapid PCR point of care system, go to: www.quantumdx.com

About Vita Spring:

Vita Spring is a Hong Kong-based venture capital fund which focuses on discovering and empowering early and growth stage medical companies with disruptive technologies and significant global market potential. Vita Spring’s management team and its strategic partners have been involved in the investment and operation of the healthcare industry for years. Vita Spring has established a global network, with a forward-looking vision. With the combination of strong scientific genes and skilled capital operations, Vita Spring aims to build a sustainable “industry + capital” ecosystem.

About Sansure:

Sansure is an in-vitro diagnostic solution provider founded in Changsha, Hunan province, China in 2008, with over 1,500 employees and a broad product portfolio. It is engaged in research and development, production and sales of diagnostic reagents and instruments. Sansure listed on the Shanghai Stock Exchange’s STAR Market on 28 August 2020 raising RMB2.0 billion (c.US$300 million), and as of 27 October 2021 had a market capitalisation of approximately RMB21.6 billion (c.US$3.4 billion). It was also one of the first molecular diagnostics companies to have its SARS-CoV-2 test kits approved in China, which are now sold to over 160 countries. Sansure’s founder and Chairman, Dr Li Zhong Dai, is a scientific advisor to Vita Spring. For more information about Sansure, go to: www.sansureglobal.com

For media enquiries:

Fiona Smith, VP Marketing, QuantuMDx, +44 (0)870 803 1234 / fiona.smith@quantumdx.com

Chris Gardner, Matthew Neal and Lindsey Neville, Consilium Strategic Communications, +44 (0)20 3709 5700 / quantumdx@consilium-comms.com

For investor enquiries:

David Wilson, Nigel Barnes and Jeff Glushakow, WG Partners (Financial Adviser to QuantuMDx), +44 (0)20 3705 9330 / quantumdx@wgpartners.co.uk