As part of MEIF’s investment strategy, ReadyGo, will open a laboratory at Colworth Science Park in Bedfordshire, an established centre of scientific expertise. ReadyGo was formed in 2019 by co-founders Ben Cobb, Mike Catt and Mike Pearson. The total of investment of £780,000 (£300,000 from MEIF and £480,000 from management and a consortium of private investors) will allow the company to focus on the development of the technology, build out the management team and potentially establish relationships with complementary strategic partners. If successfully developed, ReadyGo’s pen has the low cost, speed and ease of use of a lateral flow test but has an accuracy comparable to more expensive and time-consuming lab-based style tests. The diagnosis is carried out on the spot, with a 90-95% sensitivity.
The device allows for testing of multiple infections, including distinguishing between coronavirus and influenza, and also testing for viral conjunctivitis, herpes and dengue fever. ReadyGo has developed a pen-like device that has been adapted to help with COVID-19 detection. The pandemic has highlighted the need for a simple, self-administered test that produces rapid, accurate results. The fifth investment this year by Foresight from the Midland Engine Investment FundĬlick here to read the announcement as a PDF.ġ7 June 2021: Foresight Group (“Foresight”), a listed private equity and infrastructure investment manager, is pleased to announce a £300k growth capital investment from the Midlands Engine Investment Fund (“MEIF”) into ReadyGo Diagnostics Limited (“ReadyGo”), a start-up diagnostics business.Investment supports opening of a new laboratory, build out of the management team and commercial development.Growth capital to further develop technology that provides rapid, accurate testing for infectious diseases, including COVID, at the point of care.
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