Northern Ireland medical diagnostics company ProAxsis has announced plans to raise up to £1 million to support the next phase of its growth, with investment focused on expanding product development, laboratory capability and commercial operations.

According to The Irish News, the Antrim-based company will launch an Enterprise Investment Scheme (EIS) qualifying fundraising round to finance new product and intellectual property development, equipment purchases, commercial expansion and the completion of a clinical study with a leading London university.

Founded in 2013 as a spin-out from Queen's University Belfast by Professor Lorraine Martin and Professor Brian Walker, ProAxsis develops diagnostic tests and monitoring technologies for respiratory diseases, including chronic obstructive pulmonary disease (COPD), cystic fibrosis and bronchiectasis. The company's proprietary technologies also support respiratory drug development programmes for global pharmaceutical companies, including AstraZeneca and Insmed.

Now operating from the Randox Science Park in Antrim, ProAxsis recently completed an 18-month transformation programme designed to strengthen its long-term growth strategy. The relocation from Belfast's Titanic Quarter formed part of a wider initiative to expand laboratory capacity, enhance operational capabilities, strengthen supply chain resilience, refine its commercial strategy and build a broader leadership team.

The company has also completed a corporate reorganisation and now operates as an independently funded growth business after previously being incubated as a subsidiary of venture capital firm EMV Capital plc.

Managing Director Dr Louise Ryan Murphy said the company had invested significantly in repositioning the business since the beginning of 2025. She said the planned fundraising would help accelerate product innovation, expand ProAxsis' commercial reach and build on the momentum created through recent operational improvements.

The fundraising reflects continued investment across Northern Ireland's life sciences sector, where diagnostics companies are expanding their capabilities to support pharmaceutical research, clinical development and respiratory healthcare. As demand grows for advanced diagnostic technologies that enable earlier disease detection and improved patient monitoring, companies such as ProAxsis are strengthening their research, manufacturing and commercial capacity to support both healthcare providers and pharmaceutical partners.

The planned investment is expected to further enhance ProAxsis' position within the respiratory diagnostics market while supporting future collaboration with pharmaceutical companies developing therapies for chronic lung diseases.