Lex Diagnostics secures £28m for point of care PCR platform

The LEX VELO PCR platform is at the center of an estimated £28m funding round for Lex Diagnostics Limited. Based in Pencoed, the company develops and manufactures point-of-care molecular diagnostics systems and multiplex tests for respiratory infections such as Flu A, Flu B, and COVID-19. These systems are designed to provide lab-quality results from swab samples within settings including pharmacies, clinics, and urgent care centers.

The business was incorporated in 2020 to provide rapid results outside of traditional laboratory environments. This latest capital injection follows an allotment of shares in April, with corresponding documentation filed in May.

Five new directors also joined the company board during that month. These appointments include Andrew Dwight Corkum, Salah Itani, and Edward Steven Moselle. Richard John Jenkins was also appointed, whom LinkedIn suggests may have an investment background. Alastair James Manning is another appointee, possibly linked to the real estate private equity sector according to unverified AI matches.