August 29 2014 Latest news:
Shaun Lowthorpe , firstname.lastname@example.org
Wednesday, January 29, 2014
Norwich-based Intelligent Fingerprinting’s bid to develop the world’s first handheld fingerprint-based drug screening device has been boosted by £750,000 in funding from a consortium of private US-based investors.
The funding will be used to support the final stages in the development of the EDP Future 50 company’s non-invasive drug screening technology, which screens for multiple drugs of abuse and provides results in less than 10 minutes.
It follows an earlier investment of £2m from US backers in 2012. In the past 15 months Intelligent Fingerprinting has also secured almost £700,000 in government-funded grants.
Dr Jerry Walker, Intelligent Fingerprinting chief executive, said the latest funding comes as the product nears commercial launch.
“This additional funding is fantastic news as we enter the final phases of development,” he said. “Allowing us to accelerate the device’s introduction to the global market, the investment will be used as working capital to fund late stage product development and to support investment in manufacturing.
“The ongoing support from investors validates our assertion that we have a technology with massive potential.”
The new technology is expected to revolutionise drug testing globally in many sectors including criminal justice, drug rehabilitation and the workplace.
Dr Walker added: “We’re very encouraged by the continuing financial support from investors here and in the USA. They’re clearly as excited as we are about the immense potential of our ground-breaking technology.”
A Norwich-based business which started as a “man with a van” operation is eyeing further expansion after seeing its predicted turnover increase from £6,000 to £340,000 within five years.