Upstream seeks US$5m to fund upcoming 1,000-person trial

Upstream Medical Technologies has developed a biomarker-based diagnostic test to rule out the risk of imminent heart attack for the significant number of people presenting at hospital with chest pain.

The test is designed to identify those patients who are suffering from unstable angina, as opposed to chest pain resulting from other causes. Patients with unstable angina are at high risk of a heart attack and must receive immediate treatment.

Dr Ruth Appleby

“Our technology has far reaching potential across the global health system,” said Upstream CEO, Dr Ruth Appleby.

“By providing greater certainty to medical staff about whether presenting patients are at risk of imminent heart attack, we can help health systems worldwide save billions of dollars a year. A quick test as opposed to unnecessary days in hospital is a real game changer,” she said.

“For example, in the US, eight million people arrive at emergency departments each year with chest pain but only one in eight have a life-threatening actual or imminent heart attack. This poses a real challenge for doctors to diagnose, resulting in time consuming repeat tests and unnecessary admissions.”

The company was spun out of the University of Otago’s Christchurch Heart Institute in 2015 from a renowned research group responsible for identifying the current gold standard biomarkers of heart failure, which since identification in the 1990’s have become widely used within hospitals.

Upstream is currently preparing for a trial of its diagnostic test in 1,000 patients at multiple international clinics. This trial is designed to secure regulatory approvals for the technology in the US and Europe. It is expected this trial will reconfirm the finding of a 505-person NZ based trial conducted in 2017.

Assoc Prof Chris Pemberton (Upstream’s CSO) with Professor Mark Richards (Director of the Christchurch Heart Institute)

In order to fund this trial, the company has launched a US$5 million Series A capital raise. Pacific Channel is an existing shareholder in the company having led and underwritten its previous capital raise. Pacific Channel is currently working with Upstream to secure this Series A funding.

The company is currently seeking strategic and financial investors to participate in the Series A capital raise.

For more information on Upstream or its current capital raise, please contact Lachlan on +64 21 029 26400 or lachlan@pacificchannel.com