21st Mar 2016 08:50
LONDON (Alliance News) - Epistem Holdings PLC on Monday said it has secured USD2.9 million in funding from the US Department of Defense to develop a Genedrive test for biohazard identification.
Epistem, the molecular diagnostics, personal medicine and biotechnology firm, secured the first phase of the contract in August 2015.
The new funding covers the second phase of the project and was triggered by the successful progress Epistem has made to date, the company said.
"Today's announcement is a recognition of our team's expertise in developing new assays and marks a further important validation of Genedrive's potential as a highly versatile molecular diagnostic system which can be used outside a central lab setting," said David Budd, Epistem's chief executive.
Epistem shares were untraded on Monday morning, having last traded at 96.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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