Now Reading
Abu Dhabi’s IHC invests in DNA sequencing tech pioneer Oxford Nanopore

Abu Dhabi’s IHC invests in DNA sequencing tech pioneer Oxford Nanopore

The funds will support Oxford Nanopore as it scales up its rapid Covid-19 testing capability

Abu Dhabi-listed International Holdings Company has invested £39m in Britain’s Oxford Nanopore Technologies.

The investment forms part of a £84.4m equity raise by the UK-based company, which has pioneered DNA sequencing technology.

The funds will enable further innovation and the acceleration of commercial and manufacturing operations, including backing the British firm as it ramps up its rapid Covid-19 testing capability.

“IHC has a strong track record in the healthcare device sector in the Middle East and we are very pleased to be expanding our interests globally,” said Syed Basar Shueb, CEO and managing Director of IHC.

“Oxford Nanopore has developed distinctive and proven technology and has been highly effective in taking products from innovation to market within tight timeframes.”

”We are delighted to welcome IHC as an investor in Oxford Nanopore,” said Dr Gordon Sanghera, CEO of Oxford Nanopore.

“Our international shareholder base reflects the international ambitions of Oxford Nanopore, as our technology is now used to answer important biological questions in more than 100 countries.”

Oxford Nanopore has developed and commercialised a new generation of DNA/RNA sequencing technology plied by researchers to explore human genetics, cancer, infectious pathogens, plant and animal genomics and environmental science.

Its technology is being used in ‘applied markets’ to generate insights such as in food safety or infectious disease, including Covid-19. The company is currently investing in the scale up of its new Covid-19 test, LamPORE, a rapid and scalable test to detect the coronavirus.

In 2019, Oxford Nanopore inaugurated a new high-tech factory in Oxford, to cater to the accelerating demand for its sequencing products.

You might also like

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top