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13th May 2020

Coventry company raises £1.2m for new test to diagnose stroke victims

A Coventry biotech business has raised £1.2m for a new hand-held device that allows paramedics and emergency doctors to quickly diagnose patients who are having a stroke.

Sarissa Biomedical has secured funds from a consortium of investors including the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, and private investors including Wren Capital and the Wood Family.

Sarissa’s new system will be the first of its type for stroke patients and could help improve the prognosis for victims by allowing doctors to diagnose and treat them more quickly. The SMARTChip device can be used on location or at the patient’s bedside and gives results in around five minutes. It contains a disposable biosensor chip which analyses a fingerprick sample of blood and measures the level of purines - chemicals released into the bloodstream within minutes of a stroke.

The funds will allow Sarissa to carry out a clinical study with the NHS and Newcastle University Stroke Research Group, and invest in product manufacture. Established in 2002 as a spin-out from Warwick University, Sarissa produces biosensors for the medical and academic research market.

Stroke is the fourth most common cause of death in the UK and a major cause of adult disability, with stroke care accounting for around five per cent of the entire NHS budget. While effective treatments are available, they need to be used promptly after an attack but currently there is no fast and reliable way to tell if a patient has had a stroke. Patients are assessed on their symptoms and then sent for a CT or MRI scan to confirm the diagnosis. The SMARTChip system also has potential for use in diagnosing other conditions such as heart attacks, peripheral artery disease and foetal hypoxia or ‘blue baby syndrome’.

Dr John Clarkson, CEO of Sarissa, said:This investment is a strong signal of support from Mercia and our other investors and will enable us to begin the clinical evaluation process. We are pleased to say that, despite the current lockdown, we are able to press on with the clinical trials as planned with the aim of bringing this important new test to market as soon as possible.”

Dr Jo Slota-Newson of Mercia said: “This new tool from Sarissa represents a major step forward in reducing the huge toll of disability caused by stroke and relieving the burden on the NHS. Ultimately it could help millions more people by providing a fast and reliable way to diagnose other conditions such as heart attack, enabling patients to benefit from more prompt and effective treatment.”

Ken Cooper, Managing Director at the British Business Bank, said: “The MEIF is still very much open for investment and is committed to driving Midlands’ innovation. This funding into Sarissa is a good example of that. The MEIF investment should allow the company to enter a new growth phase as it progresses clinical studies and invests in its manufacturing capabilities.”

Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “Coventry and Warwickshire has an excellent reputation for innovation and Sarissa is a perfect example of this. The next stage of its growth has the potential to change lives and this investment will enable Sarissa to take its business to the next level and really make a difference to stroke patients.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Follow @midsenginv


The #MEIF is now supporting over 20% of equity deals in the #Midlands. With investments of up to £2 million available, this finance type is well suited to established businesses or large start-ups. Find more information here: https://t.co/PRlFk7NMuY https://t.co/wHdvGbe6aq MidsEngInv photo

The @BritishBBank's Business Finance Guide provides advice to businesses experiencing financial challenges as a result of COVID-19. Visit the guide for information on topics including funding options and financial management: https://t.co/oUpiJJjj1E https://t.co/1x0FbrE8y7 MidsEngInv photo

Our fund manager @FinanceSE is now accredited to issue loans from the #MEIF backed by a #CBILS guarantee. The firm has also revealed an experienced team which will be managing its £40million MEIF Debt Fund.

Read more in @businessdeskwm 👉 https://t.co/X8uspTEjRG https://t.co/wee2KyZugH
MidsEngInv photo

The #MEIF is committed to helping #Midlands businesses access the finance they need. Find out more about the Fund’s latest deals by visiting our news page: https://t.co/obbIdecJcU https://t.co/P3CfBFPRGd MidsEngInv photo

. @bbb_ryan is our senior manager for the West Midlands. Connect with him on LinkedIn to discuss the #MEIF finance options available to your business: https://t.co/mtnyVhmZYX https://t.co/O00qawnvmN MidsEngInv photo

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Follow @midsenginv


The #MEIF is now supporting over 20% of equity deals in the #Midlands. With investments of up to £2 million available, this finance type is well suited to established businesses or large start-ups. Find more information here: https://t.co/PRlFk7NMuY https://t.co/wHdvGbe6aq MidsEngInv photo

The @BritishBBank's Business Finance Guide provides advice to businesses experiencing financial challenges as a result of COVID-19. Visit the guide for information on topics including funding options and financial management: https://t.co/oUpiJJjj1E https://t.co/1x0FbrE8y7 MidsEngInv photo

Our fund manager @FinanceSE is now accredited to issue loans from the #MEIF backed by a #CBILS guarantee. The firm has also revealed an experienced team which will be managing its £40million MEIF Debt Fund.

Read more in @businessdeskwm 👉 https://t.co/X8uspTEjRG https://t.co/wee2KyZugH
MidsEngInv photo

The #MEIF is committed to helping #Midlands businesses access the finance they need. Find out more about the Fund’s latest deals by visiting our news page: https://t.co/obbIdecJcU https://t.co/P3CfBFPRGd MidsEngInv photo

. @bbb_ryan is our senior manager for the West Midlands. Connect with him on LinkedIn to discuss the #MEIF finance options available to your business: https://t.co/mtnyVhmZYX https://t.co/O00qawnvmN MidsEngInv photo

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