May 27, 2011 - Kernel Capital has led a €1.1m investment in Radisens Diagnostics Ltd, a medical diagnostics start-up, based in the Rubicon Centre. The investment comprises of a €500k investment by the Bank of Ireland MedTech Accelerator Fund with the remainder of the funds provided by Enterprise Ireland, and private angel investors sourced by the company.

Commercially available, rapid, multiplexed screening tools are urgently needed to enable early detection of a multitude of diseases for patients and to manage already diagnosed conditions.  

Radisens is developing a single instrument to test for multiple diseases that requires only a single drop of blood and can be performed and interpreted by any general physician within minutes. No such solution currently exists; various companies have developed instruments which only part-test separately for some blood ailments and diseases. The Radisens solution will enable test results to be shared instantaneously with patients for chronic conditions (diabetes, hypertension, chronic kidney disease), infectious diseases, thyroid function, early cancers, cardiac ailments and virus diagnosis.

 Radisens’ technology has the potential to decentralize clinical blood testing into point-of-care settings such as GP clinics, outpatients departments, emergency rooms and small to medium sized hospital labs. Blood testing at point-of-care can save lives, deliver significant productivity gains and work practice efficiencies, reducing patient waiting lists and pressures on hospital beds required, and ensuring optimal use of professional time.

Commenting on the announcement, Niall Olden, Managing Partner, Kernel Capital said: “Radisens is another example of an excellent life science start-up. Led by Jerry O’Brien, the company has strong intellectual property with many worldwide patents pending. The company has established significant commercial relationships and anticipates first commercial revenues within 12 months.”

Jerry O’Brien, CEO, Radisens Diagnostics added: “Attracting such a high calibre investor at this early stage in Radisens development significantly endorses our unique value proposition, in what is an $8 billion market segment. Radisens’ innovative convergence of medical diagnostics and consumer electronics fields will transform this sector, uniquely addressing clear unmet clinical and commercial needs.”

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said the prioirity at Enterprise Ireland is to grow a “strong base of innovative indigenous companies” with the products, services and development strategies capable of winning new export markets and growing jobs in Ireland.

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About Radisens Diagnostics
Radisens Diagnostics develops disruptive point-of-care diagnostic platforms and consumables, for the diagnosis and monitoring of acute and chronic care patients across various chronic conditions, thyroid functions, infectious diseases, cardiac markers, early cancers and blood chemistries. With offices in Cork, Ireland and Boston, Massachusetts, Radisens Diagnostics is a convergence of medical diagnostics and consumer electronics using disruptive patent pending technology to deliver on the significant market and clinical need of decentralised diagnostics.

About Kernel Capital
Kernel Capital and its associate Life Science investment firm Seroba Kernel have in excess of €196m under management in six separate Venture Capital funds, investing in ICT, Life Science and general seed and early stage investments. These funds are supported by Enterprise Ireland, Bank of Ireland, University of Limerick Foundation, NUI, Galway and a range of other financial institutions. They have invested in Kernel Capital's portfolio of 51 companies which collectively employ in excess of 800 people and have been granted over 150 scientific patents. Kernel Capital and Seroba Kernel are committed to dynamic, innovative, knowledge based companies and led in excess of €96m in syndicated investment in 2010. Kernel Capital believes that it is an exceptional time for investment.

Bank of Ireland Seed and Early Stage Equity Fund
The Bank of Ireland Seed and Early Stage Equity Fund is a €32m Fund that invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It is managed on behalf of Bank of Ireland and the other partners by Kernel Capital. This fund comprises of an investment by Bank of Ireland, Enterprise Ireland, University of Limerick Foundation and NUI Galway. The €10m Bank of Ireland MedTech Accelerator Fund is part of this Fund.

About Enterprise Ireland
Enterprise Ireland, the Irish government agency responsible for the development and growth of Irish industry, is actively involved in supporting early stage high potential start-ups. With over 80 new direct equity investments annually in these businesses, and through its investment in 41 seed and venture capital funds, Enterprise Ireland is now the largest early stage VC investor in Europe in terms of the number of investments made. In addition, through its network of 31 international offices, Enterprise Ireland actively supports Irish companies to grow their export markets and create valuable jobs in Ireland.