Prolight Diagnostics’ CTO highlights the potential of the Psyros system
BioStock talked to Steve Ross, co-founder of Psyros Diagnostics, which was acquired by Prolight Diagnostics in 2022. He and the other co-founders play a crucial role in steering the continued development of the point-of-care system Psyros. Together, as a team, they have previously navigated the full process of developing a POC system, from conceptualization to market, and completed a successful exit to Novartis in 2012.
In 2022, Prolight Diagnostics acquired UK-based Psyros Diagnostics, giving them access to a ground-breaking single-molecule-counting (digital) point-of-care (POC) technology, Psyros.
Psyros can measure biomarkers at extremely low concentrations by counting single molecules from a single drop of blood. The system is initially being developed for measuring high-sensitivity troponin in blood to rule-in, or rule-out, myocardial infarction. Current diagnostics result in long waiting times, while Prolight’s instrument provides results in less than 10 minutes.
Adding a highly experienced team
The acquisition also strengthened Prolight Diagnostics’ organisation by welcoming four experienced team members: Steve Ross, Aileen McGettrick, Julie Richards and Paul Monaghan – all four founders of Psyros Diagnostics.
The UK company was founded in 2018 by this team, with a proven track-record of developing in vitro diagnostics (IVD), particularly POC instruments. The team developed a piezofilm-based POC system and took it all the way to CE marking in Vivacta, which was later acquired by Novartis in 2012 for USD 90 million.
Aileen McGettrick and Julie Richards, both with expertise in assay development, are now the CSO and the Head of Assay Development at Prolight Diagnostics. Paul Monaghan, appointed Head of Engineering, brings vast experience in the technical and regulatory aspects of IVD development where he works closely with CTO Steve Ross, who is also responsible for managing the product’s intellectual property (IP) portfolio.
Major shareholders after the deal
Prior to the acquisition, Psyros Diagnostics was equally owned by its four founders. The deal, with a total purchase price of SEK 65 million, had an upfront payment of SEK 19.5 million (30 per cent), paid through the issue of new shares in March 2021.
In connection to Prolight’s latest rights issue in December 2023, an additional SEK 32.5 million (50 per cent) was paid via offset. The remaining purchase price of SEK 13 million is to be paid in 2024, subject to meeting predefined milestones.
Today, the four Psyros founders hold 31,5 million shares each in Prolight Diagnostic, making them significant shareholders in the company. It is noteworthy that the founders’ issued shares are subject to a lock-up period which extends to December 31, 2026
CTO Steve Ross comments on the acquisition and potential
To gain deeper insights into the capabilities of the Psyros system, BioStock reached out to CTO and board member Steve Ross. In addition to undergraduate degrees in both chemistry and mathematics, Steve holds a PhD in synthetic chemistry from Edinburgh University.
Following postdoctoral research, his industrial career started at PiezOptic in 2001, where he developed pyroelectric sensors for monitoring exposure to toxic gases. In 2006, he co-founded Vivacta, utilizing the same pyroelectric technology but focusing on POC diagnostics. Following Novartis’ acquisition of Vivacta, Steve took on the role of Head of R&D for Novartis’ POC unit.
First of all, in your opinion, what are the highlights of your career and how do these impact on your work today?
– Forming two separate companies and helping to create new jobs for scientists and engineers has been particularly fulfilling. As part of this process, I have had to develop resilience, get outside of my comfort zone and expand my knowledge base and skills over and above my key scientific training. I believe that this helps me be effective in my current role.
Focusing on your latest innovation – Psyros – what technological characteristics signifies its potential?
– Fundamentally, the ability to count single binding events in whole blood underpins the technology. Single-molecule counting is the most sensitive detection method possible. The potential revolves around the simplicity of how this can be achieved, giving it huge commercial value, in addition to the ground-breaking science that we are carrying out.
How do you perceive Psyros’ potential compared to the Vivacta system and other POC systems?
– Personally, I belive that the Psyros technology has greater potential than other systems beause it manages to combine the sensitivity of single-molecule counting in a simple design that allows for high-scale manufacture at low cost of goods. This trade-off between performance and cost of goods is absolutely critical and Psyros manages to hit that sweet spot that satisfies both requirements and is of key interest to the big diagnostic companies.
»I belive that the Psyros technology has greater potential than other systems beause it manages to combine the sensitivity of single-molecule counting in a simple design that allows for high-scale manufacture at low cost of goods. This trade-off between performance and cost of goods is absolutely critical and Psyros manages to hit that sweet spot«
What has the merger of Psyros Diagnostics and Prolight Diagnostics meant for the future outlook of Psyros?
– The merger has been of huge significance to Psyros Diagnostics. It has allowed us to expand at a rate that simply would not have been possible through grants and seed funding rounds. It allows the Psyros team to focus 100 per cent on delivering the product without other distractions. Prolight and Psyros work together to form a great team.
What are your expectations of, and goals for, the development of Psyros in the coming year?
– The next 12 months hold incredible potential – we will finalise the cartridge manufacture and take delivery of our first commercial prototype instruments that can be used to generate clinical data that confirms the performance of the system in fresh patient samples. This will prepare us for 2025 when we will start the full clinical evaluation study for regulatory approval.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
