Occuity lands £343k grant to develop optical diabetes screening device

British MedTech eyes non-invasive screening of diabetes in non-clinical settings.

DISCLOSURE: Longevity.Technology (a brand of First Longevity Limited) has been contracted by the company featured in this article to support its current funding round. Qualifying investors can find out more via the Longevity.Technology investment portal.

MedTech start-up Occuity has received a £343,000 Innovate UK Biomedical Catalyst (BMC) Award to fund the next stage of the development of its innovative AGE reader: an optical medical device that will enable non-invasive screening of diabetes in non-clinical settings such as opticians and pharmacies.

Biomedical Catalyst is the flagship Innovate UK grant funding competition for supporting UK health & life sciences SMEs. It supports the development of innovative solutions to health and healthcare challenges by providing financial support to accelerate the route to commercialisation.

Longevity.Technology: With Type 2 diabetes (T2D) affecting 422 million people globally, the costs associated with diabetes-related complications to global health services are ~10% of all government health spending – unsustainable to the point that the WHO now classifies diabetes as a pandemic.

Early diagnosis is vital to enable the prevention and management of diabetes and pre-diabetes when it is relatively inexpensive with treatments such as healthier diets and increased physical activity. Whilst the IDF (International Diabetes Foundation) recommends wide screening of older people, T2D is increasing in younger adults and children, demonstrating a need for broad diabetes screening. However current techniques require an inconvenient blood test which can only be performed in a clinical setting. This means many people do not get tested until they present to their GP with full diabetes symptoms and/or are diagnosed as obese. Those who don’t suspect issues may never be tested.

To meet this need, Reading-based Occuity has designed an AGE reader, a device based on research that demonstrates the concentration of Advanced Glycation End-Products (AGEs) within the eye correlates to blood glucose levels and therefore the risk of diabetes.

The AGE reader will be a handheld, non-contact device that shines a blue light into the eye to illuminate the ocular lens and the returning scattered and fluorescent light from the AGEs will be detected and AGE levels and diabetes risk determined. Requiring no blood draws or patient fasting, Occuity is aiming for a device that is cheaper and faster than competing platforms. The device can also be used in a non-clinical environment, making it ideal for use in pharmacies, opticians or domiciliary environments such as care homes. Coupled with machine learning techniques, the readings from the device will aim to give a diagnosis of whether the subject is non-diabetic, pre-diabetic or diabetic.

READ MORE: Occuity – shining a light on health and longevity

Dan Daly, CEO and Co-founder of Occuity said: “The value of a more convenient way to screen for diabetes is clear. For the individual, early identification can help them take appropriate actions to avoid the worst effects of the disease whilst for health services, alongside the improved patient outcomes and quality of life, there is an added financial incentive.

“This grant will enable us to develop a benchtop device to demonstrate the technical advances and to make a functioning meter to provide a route forward to a commercially viable product.”

Samana Brannigan, Head of Health Technologies at Innovate UK said: “Biomedical Catalyst funding will support Occuity in their journey to commercialise and scale-up this cutting-edge technology and deliver further growth for the UK Life sciences Sector. The development of a portable, handheld, non-invasive device for use in non-clinical settings could contribute to proactive, person centric care in the community and lead to significant global opportunities.”

The project will start on 1st December 2022 and is projected to last 15 months. Advances in Occuity’s technology will also provide a platform for developing further screening devices to look at other biomarkers in the eye such as amyloid plaques, which are known as evidence of the presence of Alzheimer’s disease. With are nearly 10 million new cases every year, novel ways of screening for Alzheimer’s, the most common form of dementia, are sorely needed, and a portable handheld scanner could be a gamechanger.

Visit our investment portal HERE.

Investing in early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. First Longevity is targeted exclusively at sophisticated investors who understand these risks and make their own investment decisions. Investment opportunities have not been approved as financial promotions and are not covered by the Financial Services Compensation Scheme (FSCS) and you may not have access to the Financial Ombudsman Service (FOS). If you are in any doubt about the action you should take or the contents of any of the Financial Promotion received, you should contact your stockbroker, solicitor, accountant, bank manager or other professional adviser authorised under the Financial Services and Markets Act 2000, who specialises in advising on bonds, shares and other securities, including unlisted securities. Past performance is not a reliable indicator of future performance. You should not rely on any past performance as a guarantee of future investment performance. Tax relief depends on an individual’s circumstances and may change in the future. In addition, the availability of tax relief depends on the company invested in maintaining its qualifying status.

Any financial promotions materials have been approved for financial promotion purposes by Prospect Capital Ltd, which is authorised and regulated in the UK by the FCA reg: 515599

Photograph: Occuity (L-R: CTO & Co-Founder Dr Robin Tayor and CEO & Co-Founder Dr Dan Daly)