Crescent Diagnostics Ltd (Crescent), the clinical diagnostics company, is to set up a research and development project in Derry to develop a predictive test for osteoporosis. The company, which is headquartered at NovaUCD, also has a lab at C-TRIC (the Clinical Translational Research and Innovation Centre) in Derry.

The project is being supported by Invest Northern Ireland, which has offered over £23,000 (~€29,000) of assistance, part funded by the European Regional Development Fund under the Sustainable Competitiveness Programme for Northern Ireland. Crescent is also investing over £47,000 (~€59,000) in this project.

 
Brendan Farrell, CEO, Crescent Diagnostics with Alastair Hamilton, Chief Executive, Invest NI

Alastair Hamilton, Invest NI’s Chief Executive, announced the project, which it is estimated to take six months.

He said, “This project aims to develop a breakthrough predictive test that will be used by doctors across Europe and the USA to help identify those who are at high risk of suffering a hip fracture – the most devastating consequence of osteoporosis. Osteoporosis has become a major public health issue and Crescent has identified a market need for an improved diagnostic tool, which has substantial potential for global sales.”

He added, “By carrying out the R&D project in Londonderry, Crescent is planning to tap into the research capability at Queen’s University as well as the extensive facilities at C-TRIC. This is the kind of high-value, frontier technology that Invest NI is keen to support and I am pleased that Crescent chose to carry out the next stage of product development in Northern Ireland.”

Osteoporosis is a weakening of the bones, which can cause fractures. According to the National Osteoporosis Society, almost three million people in the UK are estimated to have the condition and one in two women in the UK over the age of 50 will break a bone as a consequence.

The test process being developed by Crescent Diagnostics involves taking a toenail clipping from the patient and sending it to a laboratory for analysis using the company’s BQT® nail analyser. The protein structure of the nail can indicate the health of the patient’s bones.

Brendan Farrell, CEO, Crescent Diagnostics, said, “Osteoporosis is preventable, but most people only find out that they have the disease after they have a fracture. Our technology will help clinicians identify at-risk patients early and effectively, revolutionising the diagnosis of the disease.”

Crescent Diagnostics has also been shortlisted for an Innovation Award as part of the Derry Business Awards 2012 organised by the Londonderry Chamber of Commerce and City Centre Initiative, in partnership with Money Exchange. The awards will be presented at a gala awards night to be held on 1 June 2012 in the City Hotel.

ENDS

14 May 2012

For further information contact Micéal Whelan, University College Dublin, Communications Manager (Innovation), e: miceal.whelan@ucd.ie, t: + 353 1 716 3712 or Dave McGeady, Business Development Director, Crescent Diagnostics Ltd, e: dave.mcgeady@crescentdx.com, t + 353 1 906 0190.

Notes to Editors

Osteoporosis causes 70,000 hip fractures per year in the UK, amounting to £6m per day in hospital and social care costs. Moreover, 1,150 people in the UK die every month following a hip fracture. However, osteoporosis is treatable as a wide range of treatments are available to help prevent the fractures associated with the disease.

Crescent Diagnostics Ltd is a medical diagnostics company developing an innovative test platform which uses novel biomarkers to predict disease risk. Crescent’s initial focus is on BQT® - a proprietary predictive test for osteoporosis. BQT® will enable clinicians to identify those who are at high risk of suffering a hip fracture. Appropriate interventions can then be made to help patients avoid this preventable disease.

Crescent Diagnostics Ltd current investors include Seroba BioVentures (www.seroba-kernel.com), Kernel Capital (www.kernelcapital.ie), AIB Seed Capital Fund (www.aibseedcapitalfund.ie) - co-managed by Enterprise Equity Venture Capital (www.enterpriseequity.ie), and Enterprise Ireland (www.enterprise-ireland.com). www.crescentdx.com

Invest Northern Ireland works with individuals, companies and organisations in manufacturing and tradable services which show the ambition and commitment to grow by being more innovative, more entrepreneurial and more internationally focused. Invest NI’s resources are focused on assisting our clients to improve competitiveness, increase innovation, promote a stronger international focus and create more positive attitudes to enterprise. Invest NI’s full range of support and services are delivered through local offices in Belfast, Coleraine, Ballymena, Craigavon, Londonderry, Newry, Enniskillen and Omagh, and an international office network. www.investni.com

NovaUCD, the Innovation and Technology Transfer Centre, is the hub of innovation and knowledge transfer activities at University College Dublin. NovaUCD as a purpose-built centre also nurtures high-tech and knowledge-intensive enterprises such asCrescent Diagnostics Ltd. NovaUCD has been funded through a unique public-private partnership that includes AIB Bank, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody Stockbrokers, UCD and Xilinx. www.ucd.ie/nova