Probe Scientific, a Catapult portfolio company, agrees licensing deal with multi-national organisation

Emerging UK medical device developer Probe Scientific Ltd has secured a licensing deal for its revolutionary MicroEye® technology with multi-national organisation A. Menarini Diagnostics.

After successfully trialling MicroEye®, the Italian based organisation has paid an undisclosed sum to exercise a licence agreement option on the technology which makes the long awaited goal of continuous glucose measurement in intensive care a reality.

Probe Scientific, a Catapult Venture Managers portfolio company, is based at Warwick University Science Park. Its MicroEye® technology allows continuous non-invasive blood monitoring of a wide range of biomarkers including glucose and can also be used to monitor and deliver drugs.

By coupling MicroEye® with Menarini’s own successful glucose biosensor, the Italian company is looking to create a smart and cost effective device for use in hospital wards and intensive care units. Probe Scientific CEO Neil Smith added: “The long term commercial value of this licence reflects the future, high volume commercialisation planned by Menarini and the huge potential of the technology. It will allow us to develop other applications and licences.”

Jonathan Lowe, Investment Director at Catapult, described the licence as: ”fantastic news for Probe Scientific. Securing a commercial partnership with a major European pharmaceutical company is a significant achievement and a clear endorsement of the company’s technology,” he said.

By UKBAA 16 Sep 2013