Cambridge Medical Technologies (CMT) provides an alternative to intravenous blood testing with state-of-the-art medical technology that monitors human health anywhere, anytime. Tedious trips to the local GP will soon be a thing of the past.
The global blood testing market is expected to reach $62.9bn by 2024 due to the adaption of testing and screening methods that will improve patient diagnosis for substance abuse, diabetes and sepsis amongst other illnesses. The current practice of doctors’ surgeries drawing up blood with needles for lab analysis is impractical and inefficient; they only check the patient’s medical condition at one particular time.
CMT has developed an electronic chip that continuously conducts tests for blood biomarkers, using an interstitial fluid that wirelessly communicates the results to physicians. This allows real-time monitoring of the patient’s medical condition, regardless of location. The new technology will allow a patient’s blood to be constantly analysed, with instant updates being sent to the health technician’s smartphone or tablet. The data is also stored in the patient’s medical records.
CMT has several products in development, including a finger clasp device that acquires a reading of a patient’s blood sugar, blood alcohol or lactate level; this is expected to be in production by late 2019. Additionally, a Band-Aid electronic bandage with a chip (LabPatch) will arrive in 2021 for patients with type-2 diabetes and, in 2023, for sufferers of heart disease and sleep disorders.
The management team consists of Emil Jackman (CEO) and James Cooke (CFO), who have both worked as directors of Clinitech (manufacturing medical equipment), since November 2014 and May 2016 respectively. Michael Lacey-Solymar, the Chairman, is also a director at Science Group Plc, which specialises in the research and development of natural sciences.
The company is in the early-revenues and pre-profit stage having been founded in 2014, they are raising £5m on a pre-money evaluation of £25m and are also EIS eligible. The sales forecast for 2019 is £1.3m, with an estimated increase to £189.3m by 2023. Gross profit is set to rise from £1.3m to £91.6m within the same timeframe. The funds raised will be used to finalise and expand the platform and disease applications, loan repayments, staff and general working capital.
Clinical trials have been conducted across a number of hospitals in the US and UK and CMT prototypes were successfully tested for alcohol abuse in 2018. Independent clinical trials will take place later in 2019 at the Leeds and Manchester Metropolitan Universities, for cardiac monitoring, cancer monitoring, and cancer screening and viral/bacterial determination by GPs.
All of CMT’s products will have the potential to have a huge impact on the medical market, particularly in disease treatment where monitoring can lead to quicker interventions if the patient’s condition worsens and supplemental blood testing where costs, delivery of blood samples to labs and communication of results are all aspects that are eliminated by the CMT chip. The products can also be used for drug therapy, patient screening and for use in Artificial Intelligence where biomarkers can discover emerging issues, before they become symptoms of illness. All will have huge benefits to human health. The cost of healthcare will dramatically decrease as tests can be done at homes, offices and schools.
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