IBioIC funded RSE Enterprise Fellowship enabled entrepreneur to develop the commercial aspects of new business
Microplate Dx is a spin-out proposition which has patented a diagnostic test that can pinpoint the correct antibiotic within one hour. The current gold standard for antibiotic testing is two days, and reducing the timescale to this extent could improve antibiotic stewardship by ensuring the correct drug is prescribed in a timely manner to the patient, ultimately reducing resistance rates and saving lives.
Challenge
Microplate Dx’s founder is Dr Stuart Hannah, an academic at The University of Strathclyde. Stuart was finding it challenging to concentrate on the commercial aims of his project while also working on technical development, all in an academic setting.
Solution
IBioIC funded an RSE Enterprise Fellowship for Stuart to develop the commercial aspects of the business.
Stuart was able to undertake training through the RSE EF which helped him take the business from spinout proposition to fully-fledged incorporated company supported by early stage funding from private VCs. In addition, some technical progress was also achieved thanks to funding from Scottish Enterprise (High Growth Spinout Programme).
Outcome
Microplate Dx has now been incorporated with Companies House and the company has subsequently won Scottish EDGE and Converge Challenge Competition Funding, attracted equity investment in a pre-seed round worth £360k, and non-dilutive grant funding from Scottish Enterprise and Innovate UK worth approximately £200k. They have also won several awards including double success at the prestigious national OBN Awards 2022 in London including ‘Best Startup Medtech Company’.
A company board and a strong founding team has been established, has negotiated a licence deal with University of Strathclyde to successfully spin out, and has hired employees and engaged contractors.
Stuart has significantly developed his commercial awareness and business acumen and has transitioned from academic to Microplate Dx CEO.
“Rapid diagnosis of the appropriate antibiotic treatment at the patient’s bedside is absolutely vital to improving patient outcomes and reducing antimicrobial resistance. The IBioIC-sponsored RSE Enterprise Fellowship was instrumental in equipping me with the skills and experience necessary to take this game-changing solution one step closer to providing real societal benefit through commercialisation.”