NEW YORK – Irish diagnostics firm Altratech said Monday that it will receive €10.5 million ($11.5 million) in grant financing and equity investment funding from the European Innovation Council Accelerator.
The Cork-based firm said that it will use the investment over three years to support preclinical and clinical trials of an HIV test as well as to expand its manufacturing and product development operations. The company has been developing its point-of-care UbiHealth molecular testing system that incorporates microfluidics, reporter beads that attach to target molecules, and capacitance-based identification of the type and number of beads in a multiplex test.
Altratech CEO Tara Dalton said in a statement that the money also will help the firm to develop its lineup of tests for other diseases and strengthen its product pipeline. The firm noted that it is also developing serology tests that would be performed on the same instrument.
The EIC money is being distributed through the European Union's Horizon Europe 2021-2027 Research and Innovation Program, which provides blended financing of up to €2.5 million in grant funding and up to €15 million through equity investment. Altratech did not provide a breakdown of how much it was receiving of each type of financing.