Cambridge, UK, 3 September 2019 – Biofidelity Ltd, a company providing high performing novel molecular assays for the sensitive detection of low-frequency genetic mutations, today announces it has secured £0.75 million seed financing, following its formation earlier this year. Investors include UK-based Longwall Ventures, an undisclosed US-based multinational diagnostics company and other private investors.
Biofidelity will be led by CEO Dr Barnaby Balmforth, and Director Cameron Frayling, both co-founders of the Company and co-inventors of the proprietary chemistry that underpins Biofidelity’s molecular diagnostic assays.
The Company has attracted Dr Heiner Dreismann, former President and CEO of Roche Molecular Systems, and a leading industry expert in the field of molecular and medical diagnostics, as Senior Advisor.
Biofidelity’s unique chemistry can be utilised to design routine molecular diagnostic assays with improved specificity and sensitivity without the need for DNA sequencing. The assays can reliably detect large panels of DNA mutations at extremely low frequencies, transforming the detection of genetic abnormalities with a simple, platform-agnostic test that will allow rapid adoption in diagnostics laboratories around the world. This unique capability will support better targeting of therapies, routine patient monitoring and early detection of disease.
Biofidelity’s chemistry is based on knowledge developed through over 5 years of research and development. The specificity of the assay relies on proprietary chemistry which enables the mutant target DNA sequences to be detected and protected while removing irrelevant DNA molecules.
As well as developing new clinical applications and diagnostic assays using its chemistry, Biofidelity will use the seed funding raised to expand the company and its fast-moving team.
Dr Barnaby Balmforth, Chief Executive Officer, Biofidelity, commented:
“Our proprietary chemistry offers an entirely new and simple approach for detecting very small quantities of mutant DNA within a sample. The method allows us to significantly exceed the current limitations of detection without requiring DNA sequencing or complex bioinformatics, presenting exciting opportunities in the world of patient monitoring and screening, and precision treatment. We believe that we can move fast to commercialise our system and Heiner Dreismann’s market insights and knowledge of the industry will be invaluable as we begin validating the chemistry for a range of different applications.”
Dr Heiner Dreismann, Senior Advisor for Biofidelity, commented:
“I am pleased to be in involved with Biofidelity at this exciting early stage and help shape the Company as it further develops its molecular assays. The simplicity of the assay combined with its sensitivity could prove game changing for patients and the diagnostic industry.”
Biofidelity is currently working with multiple global pharmaceutical and diagnostic companies and academics to explore the potential of the chemistry, in cancer diagnostics and other applications such as non-invasive pre-natal testing. Biofidelity’s unique chemistry can also be adapted to new applications across different industries such as food and agriculture, environmental microbiology and forensic science.
Biofidelity has developed a high performing, ‘one-tube’ molecular assay that is easily adopted and rapidly deployable for routine use in diagnostics labs around the world, without the need for investment in new instrumentation or infrastructure.
With a simple workflow and fast time-to-result, the Company’s assays can transform the detection of genetic abnormalities within a sample by reliably detecting large panels of DNA mutations at extremely low frequencies.
Biofidelity is focused on applications that will deliver the greatest improvements to patient outcomes, such as better targeted therapies for precision medicine and disease monitoring including early detection of pre-symptomatic disease, treatment resistance and disease recurrence.
The Company is working with multiple international pharmaceutical and diagnostic companies, in addition to leading academics and clinicians, to apply the technology to fill important unmet clinical needs.
Located in Cambridge, UK, Biofidelity is a private company founded in 2019 based on technology developed at Base4 Innovation.
For more information, visit www.biofidelity.com.
Issued for and on behalf of Biofidelity by Instinctif Partners.
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