{"id":54534,"date":"2020-12-17T12:43:13","date_gmt":"2020-12-17T12:43:13","guid":{"rendered":"https:\/\/www.newangliagrowthhub.co.uk\/?p=54534"},"modified":"2021-07-13T13:54:05","modified_gmt":"2021-07-13T12:54:05","slug":"2m-investment-for-norfolk-rapid-covid-test-firm","status":"publish","type":"post","link":"https:\/\/bedotdev.com\/newanglia\/2m-investment-for-norfolk-rapid-covid-test-firm\/","title":{"rendered":"\u00a32M Investment For Norfolk Rapid Covid Test Firm"},"content":{"rendered":"<p><strong>A Norfolk firm behind a rapid Covid test that can identify infectious patients has secured \u00a32 million of committed investment for 2021. Iceni Diagnostics, based in Norwich, expects results from trials of its innovative rapid lateral flow test for Covid-19 imminently.<\/strong><\/p>\n<div class=\"elementor-element elementor-element-b2f9ae7 elementor-widget elementor-widget-theme-post-content\" data-id=\"b2f9ae7\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<p>Advanced discussions are underway with significant public sector and commercial buyers, both in the UK and the US, and the company is set to play a central role in the battle against the virus.<\/p>\n<p>A total of 35 angel and local enterprise investors participated in the funding round, providing \u00a31.3 million of seed capital immediately and a total confirmed commitment of up to \u00a32 million, payable in 2021. The round was led by new investors and also saw over 70% participation from existing investors in Iceni. The investment will be used to build the commercial infrastructure as well as expanding the senior team as they focus on the significant potential within their pipeline of new products.<\/p>\n<p>The Iceni investor group includes New Anglia Capital and the members of Anglia Capital Group. New Anglia Capital \u2013 a public sector co-investment fund backed by New Anglia Local Enterprise Partnership \u2013 has match-funded private sector investment for Iceni since 2018 of approximately \u00a30.25 million.<\/p>\n<p>Prof Rob Field, Co-founder of Iceni Diagnostics, said: \u201cThere\u2019s a vast, global potential in the application of our unique technology. We are using it to tackle Covid now, but it will also produce better vaccines and new diagnostic and therapeutic products in the future. The investment we have secured will enable us to attract new talent to the team at Iceni and maximise the significant opportunities we have in our pipeline.\u201d<\/p>\n<p>Hannah Smith, Investment Director of Anglia Capital Group, said: \u201cThis was an opportunity for regional business angels to invest in a company with real potential to grow and to make an impact on therapeutics and diagnostics for a series of infectious diseases.\u201d<\/p>\n<p>C-J Green, Chair of New Anglia Local Enterprise Partnership, added: \u201cWe\u2019re extremely proud to be working alongside Anglia Capital Group\u2019s angel investors and supporting such a dynamic, innovative business. The technology Iceni is developing promises to put it at the forefront of the battle against Covid-19 and enhance testing for other diseases, such as equine flu. The company\u2019s leading-edge work in this area underlines why Norfolk &amp; Suffolk\u2019s reputation in the field of scientific research is such an enviable one.\u201d<\/p>\n<p>Unlike other rapid Covid tests, Iceni\u2019s technology can identify both influenza and Covid from the same sample and shows whether the live, intact virus is present in patients, revealing whether an individual is actually infectious, or not, within 15 minutes. Many other rapid Covid tests react to any viral genetic material or individual proteins, so can return a positive result even if a patient is not infectious.<\/p>\n<p>Dr Berwyn Clarke, Chairman of Iceni Diagnostics, said: \u201cThere is a great investment opportunity here with very strong potential returns. We are matching a unique proprietary technology with massive unmet need in markets around the globe.\u201d<\/p>\n<p>Iceni\u2019s rapid duplex test is currently undergoing trials in the UK including at Norfolk &amp; Norwich University Hospital Laboratories, and discussions are ongoing with Public Health England.<\/p>\n<p>The company is in discussion with a variety of commercial end-users in both the UK and the US, with production underway at a manufacturer in South Wales. It is also working with partners in the US to bring the rapid Covid test to the US market which has been seeing more than 200,000 new cases a day.<\/p>\n<p>Iceni has an exciting pipeline of new diagnostics and vaccines including a transformational stall-side test for equine influenza which will be commercially launched in 2021. It is also pioneering the study of sugars in the body and their application to clinical disease.<\/p>\n<\/div>\n<\/div>\n<p style=\"text-align: left;\">For free, one-to-one business support, call us on 0300 333 6536 or get in touch using our contact form<\/p>\n<p style=\"text-align: left;\">Sharpen your skills, enhance your network and give your business the tools to grow at our free workshops<\/p>\n<h2>Stay in the loop with our newsletter<\/h2>\n<p>Sign up to receive updates from the Growth Hub on funding opportunities, business news, upcoming events and more<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Norfolk firm behind a rapid Covid test that can identify infectious patients has secured \u00a32 million of committed investment for 2021. Iceni Diagnostics, based in Norwich, expects results from trials of its innovative rapid lateral flow test for Covid-19 imminently.<\/p>\n","protected":false},"author":2,"featured_media":55467,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-54534","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-news-post-types","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00a32M Investment For Norfolk Rapid Covid Test Firm - New Anglia Growth Hub<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00a32M Investment For Norfolk Rapid Covid Test Firm - New Anglia Growth Hub\" \/>\n<meta property=\"og:description\" content=\"A Norfolk firm behind a rapid Covid test that can identify infectious patients has secured \u00a32 million of committed investment for 2021. 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