Loop Medical receives up to USD 3.2 million for their breakthrough blood collection device
Loop Medical receives up to USD 3.2 million to finalize the development and validation of a breakthrough painless and easy-to-use blood collection device
Grant is Second from Bill & Melinda Gates Foundation
Lausanne, Switzerland, April 4th, 2019 – Loop Medical today announced that it has received a USD 3.2 million grant to support pre-production and clinical trials required for the global registration of their medical blood collection device. This is the second grant received from the Bill & Melinda Gates Foundation for a total of USD 3.6 million.
Every minute, 10,000 patients worldwide have to undergo a painful and time-consuming procedure, called venipuncture, to collect blood specimens that are suitable for analysis. Loop Medical developed a painless and easy-to-use blood collection device that enables the collection of blood samples that are large enough to be fully compatible with common high- throughput blood analyzers while improving safety (particularly in countries with low medical resources).
Together with Cerba HealthCare, an international leader in clinical pathology and histocytopathology and Loop’s partner since 2017, the solution has been designed so it can be fully integrated into existing centralized laboratories infrastructures and processes. The device targets clinical pathology laboratories, clinics, pharmacies, physician offices, as well as patients at home. The technology addresses the need to empower patients, communities and healthcare professionals through a safe and effortless solution in a highly commoditized blood collection market under significant price pressure.
“We are thrilled to have received this second grant from the Bill & Melinda Gates Foundation. It shows trust in our project and is a recognition that our early development activities are well managed. We are convinced our painless and easy-to-use device is a major breakthrough. It will benefit both the blood collection procedure itself and the safety and convenience of the end- to-end diagnostic process for a variety of health conditions and geographies around the world,” said Arthur Queval, Founder and CEO of Loop Medical.
About Loop Medical
Loop Medical is an ambitious healthcare startup reinventing blood collection and is based at the EPFL (Swiss Institute of Technology, Lausanne, Switzerland). Established in 2016, Loop has engineered a breakthrough painless and easy-to-use blood collection technology to simplify access to clinical grade laboratory results. Loop’s solution also targets the global health challenge raised by infectious diseases.