Hutano Diagnostics was one of the BioEscalator’s earliest tenants, and one of three that have been acquired. When we caught up with this alumnus company recently, we were keen to find out how Atherton had steered the company to acquisition, and how it had benefited from life at the BioEscalator.
From South Africa to the Saïd Business School
What developed into a multiplex lateral flow detection platform, enabling multiple disease markers to be read faster and at a lower cost than laboratory assays, started as a research project as part of Atherton’s nanoscience degree in South Africa. He made good use of fellow MBA students when he came to the Saïd Business School in Oxford, working with a group of them to ascertain whether the research could be made into a viable business.
The group – which included an operations specialist, a nurse, a finance director and an NGO executive – backed the idea and so Hutano Diagnostics was born. The Dunn School of Pathology was the next University of Oxford institution to play a role in the company’s development, when Professor William James recommended that the company locate itself in the BioEscalator. The distinguished virologist was himself involved in establishing the BioEscalator as the University’s Pro-Vice Chancellor (Planning and Resources). As we know, having good networks is an entrepreneurial skill!
With backing of around £120,000 from life sciences angels, friends and family, Hutano Diagnostics continued to develop, with some time spent on a pivot to COVID-19 during the pandemic.
The jury was out
Even as the company progressed, some doubters questioned whether optimal diagnostics could be developed with lateral flow multiplexing. Atherton was challenged by an angel investor to convince a leader in point-of-care diagnostics, Dr Mike Hudson of EDx Medical, of the merit of the approach, which he did. Initially discussing a collaboration which could lead to a purchase, the two parties decided instead to move straight to the 2023 acquisition (wedding!), no engagement required!
Hutano Diagnostics’ press release on the deal highlights the rationale behind the combination.
Following the acquisition, the novel technology will be integrated with EDX Medical’s chemistry and smartphone expertise to vastly improve the point-of-care (POC) testing landscape.
“Joining forces with EDX Medical Group PLC opens up a world of possibilities. It gives us access to the resources, expertise, and global reach necessary to usher in the age of digital point-of-care diagnostics. Together, we will be able to bring our innovations to a much broader audience and drive positive change in the healthcare landscape,” Atherton Mutombwera, CEO, Hutano Diagnostics.
The role of the BioEscalator & the Oxford innovation ecosystem
Atherton is full of praise for how being at the BioEscalator and in Oxford helped Hutano Diagnostics develop. Even though it was a small company, the BioEscalator community meant that the staff never felt lonely, and there were always people around to pass on expertise. The facilities and staff took a ‘huge chunk’ of maintenance work away – tasks such as equipment calibration – enabling Atherton’s team to focus on the R&D. He’s also very grateful to Claire for introducing him to one of their investors!
OxLEP (now Enterprise Oxfordshire) provided £100,000 over three grants to Hutano Diagnostics, bringing vital support for the company’s research and business development. Atherton also mentions the value of input from Professor Marc Ventresca at the Saïd Business School, Cath Spence at Oxford University Innovation and Professor Tom Brown of the Department of Chemistry.
With Hutano Diagnostics now firmly part of EDx Medical in Cambridge, Atherton is looking for his next entrepreneurial opportunity. We look forward to seeing what he does next!