Medtech business in funding round boost

CARDIFF-BASED medtech business MeOmics Precision Medicine is expanding after a joint investment in a £300,000 round from Angels Invest Wales and Women Angels of Wales.

- SION BARRY Business editor [e-mail]

The latest investment will allow the company to advance platform development and data generation, and hire new technical staff.

MeOmics Precision Medicine began in 2021 as a spin-out from Cardiff University, backed by an Innovate UK grant and support from partners St Andrew’s Healthcare. It uses stem cell-based techniques to identify patients’ biological types when conducting drug discovery testing for conditions such as schizophrenia. The tests used by the business allow for more targeted drug development, minimising the risk of failure in the clinic or ineffective treatment selection for patients.