EU invests 20 million euros in ultra fast PCR tool from miDiagnostics
8 December 2021
MiDiagnostics is receiving 20 million euros support from Europe to commercialize its rapid PCR test for the detection of Covid-19. Since 2015, MiDiagnostics has raised EUR 150 million (EIB loan included).
MiDiagnostics developed a chip technology and a mini-lab to do blood tests very quickly. The corona crisis caused miDiagnostics to adjust its plans last year toward the development of a rapid PCR test to detect corona contamination.
That test is now up and running. The results are already available after 15 minutes and its reliability is as high as that of a classic PCR test. A pilot project was launched earlier this year at Brussels Airport.
"In the fight against the virus, we need vaccines, treatments and diagnostic tools. In that context, we offer our support to miDiagnostics today."
miDiagnostics already raised 50 million euros this year. The bank account now thickens by another 20 million euros thanks to a loan from the European Investment Bank (EIB).
The money serves to support research and development activities, in particular for scaling up the new, rapid PCR test. The technology can play an important role in bringing the pandemic under control,' a press release reads.
Mariya Gabriel, European Commissioner for Innovation, argues the support for the Flemish company as follows: 'In the fight against the virus, we need vaccines, treatments and diagnostic tools. In that context, we offer our support to miDiagnostics today.'
MiDiagnostics was founded as a spin-off of Imec, the world's leading research institute in semiconductor technology, and John Hopkins University. Since 2015, MiDiagnostics has raised EUR 150 million (EIB loan included).
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