Glasgow gets in the right mode for investment

Mode DX, a life science spin-out of the University of Glasgow, has secured a tranched series B from a number of investors.

Parkwalk, commercialisation firm IP Group, state-backed investor Scottish Enterprise, venture firm Longwall Ventures, and members of the management team all participated in the round for an undisclosed sum.

Mode DX is developing In Vitro Diagnostics (IVDs), a market worth $31bn worldwide, which allow customers to test for medical conditions at home. Parkwalk states that the company is looking to interface its IVDs with smartphones for future products.

On its website, Parkwalk said: “Mode DX has novel IP which will produce point of care diagnostics in a fast expanding consumer market. The institutional investors alongside Parkwalk in this round are experienced in this asset class and well funded. They have put together a management team vastly experienced in developing diagnostics companies with backgrounds at some of the leading players in this space. The Diagnostics industry is predicated on M&A and once sales traction is established a trade exit is often a typical route.  However the public markets may in a few years time provide a viable alternative exit strategy.”