Foresight Group, a private equity and infrastructure investment manager, has announced a £300,000 growth capital investment from the Midlands Engine Investment Fund (“MEIF”) into ReadyGo Diagnostics, a start-up diagnostics business.
The pandemic has highlighted the need for a simple, self-administered test that produces rapid, accurate results. ReadyGo has developed a pen-like device that has been adapted to help with COVID-19 detection. The device allows for testing of multiple infections, including distinguishing between Coronavirus and influenza, and also testing for viral conjunctivitis, herpes and dengue fever.
The diagnosis is carried out on the spot, with a 90-95% sensitivity. If successfully developed, ReadyGo’s pen has the low cost, speed and ease of use of a lateral flow test but has an accuracy comparable to more expensive and time-consuming lab-based style tests.
The total of investment of £780,000 (£300,000 from MEIF and £480,000 from management and a consortium of private investors) will allow the company to focus on the development of the technology, build out the management team and potentially establish relationships with complementary strategic partners.
ReadyGo was formed in 2019 by co-founders Ben Cobb, Mike Catt and Mike Pearson. As part of MEIF’s investment strategy, ReadyGo, will open a laboratory at Colworth Science Park in Bedfordshire.
Chief executive officer and pen inventor Ben Cobb, CEO of ReadyGo, said: “ReadyGo has been launched to innovate solutions for self-testing including over-the-counter tests for infectious diseases such as COVID-19. I am greatly excited that Elaine Warburton, John Clarkson, Michael Catt and Michael Pearson have joined ReadyGo’s Board with the goal of achieving a fundamental change in the way molecular diagnostics can be delivered.”
Adam Huckerby, investment manager at Foresight, added: “We are excited by the opportunities presented by ReadyGo. We are pleased to be supporting the management team which has a vast amount of experience, networks and resources to deliver these innovative devices to the market.”
