Flemish firm launches rapid-PCR COVID-19 test

miDiagnostics, a spin-off of the world- nano-electronics research centre imec, has launched an ultra-fast PCR test for point-of-care use for COVID-19. 

Flemish entrepreneurs-investors Marc Coucke, Urbain Vandeurzen and Michel Akkermans provide miDiagnostics with sufficient additional funding to support its transition to a commercial company. The management is reinforced with Katleen Verleysen as experienced CEO and Hans Vanderwegen as experienced COO.

The COVID-19 pandemic has underscored the importance of abundant and accurate diagnostics. It will still take quite some time before herd immunity will be achieved worldwide, and ongoing virus mutations and new variants pose major challenges to the vaccination process. Meanwhile, there is a great need for rapid accurate tests that can be performed at airports, in the workplace, at events, in doctors’ offices, or even at home.

miDiagnostics has developed a rapid COVID-19 PCR test, based on its diagnostics platform that was designed by imec in collaboration with Johns Hopkins University and licensed to miDiagnostics. The test aims to combine the accuracy of central lab-based PCR testing with the speed of self-testing. A nasopharyngeal swab sample is transferred on a PCR testcard, from which the results are read by a compact reader. The test has the potential to achieve excellent accuracy at a speed 20 times faster than ‘classic’ PCR machines in labs. miDiagnostics is already negotiating its first commercial collaborations and the agreements with all necessary suppliers to scale up production, are in the final stage. First pilot programs are scheduled shortly after summer.

Urbain Vandeurzen, chairman of the board, said: “The significant additional funding of €58 million that has been raised brings the total funding since 2015 to €140 million. It strengthens miDiagnostics to enter the next phase, being the phase of commercial success. This additional commitment has been raised by the main existing Flemish shareholder-entrepreneurs namely the Family Offices of Marc Coucke, Urbain Vandeurzen and Michel Akkermans respectively, in a new capital round of €38 million. In addition, miDiagnostics has negotiated a non-dilutive loan of €20 million with the EIB. The additional funding ensures that this technological gem remains fully anchored in Flanders. Which is exceptional, given the total amount of venture capital funding."

Peter Verhaeghe, independent director and chairman of the Audit & Finance Committee, added: "miDiagnostics is a groundbreaking company in technological and innovative terms, and thanks to the support of its existing Flemish shareholders, it will now be able to evolve from a very promising research and development company to a fully integrated commercial diagnostics company, offering immediate solutions that demand answers in this COVID-19 crisis. The interest from foreign "venture capital" funds with a track-record in diagnostics for the current financing round was very high but it is the Flemish entrepreneurs who have picked up the gauntlet and are taking the business risk."