Upstream Medical Technologies has developed technology that could reduce hospital patient admissions of chest pain by up to 40% and is accelerating to offshore trials following a whirlwind capital raise.
The company has just completed a fully oversubscribed capital raise, with investors committing $750,000 within four days of opening. Pacific Channel led the investment into the company, investing over 20% and underwriting the remainder of the offer.
Upstream 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 from other causes. Patients with unstable angina are at high risk of a heart attack and must receive immediate treatment to avoid a heart attack and subsequent heart muscle damage.
By providing hospitals with a diagnostic to rule out unstable angina, Upstream expects hospital admissions of chest pain patients could be reduced by up to 40%, which could save the global health sector substantial sums.
“In the United States that would equate to up to US$6.7 billion a year, so we are delighted with local investor support to progress this potential”, says Upstream Chief Executive, Dr Ruth Appleby
“This provides us with the funds to prepare for clinical trials to and support a Series A capital raise out of Europe. We expect this capital raise to be complete within the next eight months.”
She said the trial would involve 1,000 patients at multiple international clinics and is designed to secure regulatory approvals for the technology in the US and Europe, providing clinical validation of its technology. A Series A capital raise, which is being led by UK investment bank Innovator Capital, is expected to launch later this year to fund the trial.
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.