IDT wins prestigious Innovate UK: Biomedical catalyst Award grant for our innovative cancer diagnostic
The aim of the Biomedical Catalyst is to support the development of innovative healthcare products, technologies and processes. These can include (but are not limited to):
• Disease prevention and proactive management of health and chronic conditions
• Earlier and better detection and diagnosis of disease, leading to better patient outcomes
• Tailored treatments that either change the underlying disease or offer potential cures
Consequently, IDT has been awarded funding for its novel diagnostic biomarker project. The ultimate aim of the project is improving breast cancer patient survival rate by using IDT’s new and innovative Ran DX diagnostic biomarker technology. Ran DX will give the patient and clinician important information regarding their risk of metastasis and alongside other information will allow the clinician to prescribe the most appropriate treatment after surgery.
Using a wholesale price of £75 per test in the UK we estimate a total market value over 5yr of £51.3 million and a market share starting at 2% (or 1000 patients) as we would expect a significant demand from BC patients and oncologists if the test is clinically proven to be an accurate predictor of metastasis with no other competitive product on the market at such an affordable price which requires only a simple blood test. We expect our market share to increase to 20% after 5yr giving revenues in the UK alone of £6.85 million over a 5yr period and an estimated gross profit of £1.4 million.
The £150,000 awarded in funding will be used in collaboration with the University of Bradford to take Ran DX to the market.