Press Release
PRESS RELEASE Foresight invests £300k from the Midland Engine Investment Fund into ReadyGo Diagnostics Limited • Growth capital to further develop technology that provides rapid, accurate testing for infectious diseases, including COVID, at the point of care • Investment supports opening of a new laboratory, build out of the management team and commercial development • The fifth investment this year by Foresight from the Midland Engine Investment Fund 17 June 2021: Foresight Group (“Foresight”), a listed private equity and infrastructure investment manager, is pleased to announce a £300k growth capital investment from the Midlands Engine Investment Fund (“MEIF”) into ReadyGo Diagnostics Limited (“ReadyGo”), 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.
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