"We believe we can turn our technology into a multi-billion dollar company," said Dr Neil Bartlett, Signostics’ CEO. "Our investors are excited about being part of it and the potential for a huge return on their investment." The Signostics device uses advanced digital processing to take signals from the human body and deliver information to doctors in a portable, hand-held device.

The technology means that an accurate diagnosis can be made quickly, easily and cheaply at the point-of-care, saving time and money. "It will also save lives," said Dr Bartlett. "A major force that will drive point-of-care testing is the faster diagnostic benefits our solutions provide. We think patients will also help drive the uptake of the technology. No-one likes being referred from doctor to doctor or from test to test if they can get the answers at one consultation."

Work began on the device in 2001. Signostics – based at Thebarton – received an early stage $250,000 AusIndustry grant and $125,000 for proof-of-concept research from Bio Innovation SA.

The $2.32 million raised enables the company to employ more engineers to complete the development stage of the product – increasing staff to approximately 20. It also provides funding to meet regulatory requirements: the device will require approval from the Food and Drug Administration in the US prior to market release in 2008. "It will also enable us to employ marketing and business development staff to target the US, which will be our largest market," said Dr Bartlett. "We see ourselves as a South Australian company with international potential. We looked at a number of locations before deciding to base Signostics here.  Adelaide has world class universities and engineers with huge support for the bioscience sector." 

The investing consortium includes Adelaide-based seed capital investor Playford Capital.

For more information on Signostics send an email to info@signostics.com.au