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Luas Diagnostics has a licensed platform technology on which it will develop accurate and affordable diagnostic tests which require minimal training and can be deployed in remote settings away from centralised testing laboratories. The initial focus is on Therapeutic Drug Monitoring and Covid-19 testing.

  • A platform technology enabling the development of a range of tests
  • Monitoring of therapeutic drug levels for COPD and Psychosis
  • Working with UOB to develop a simple Covid-19 test using saliva.
  • Exclusive UK rights for specific Covid antibody & antigen rapid tests
Information Luas Diagnostics has raised £49,231.90 prior to launching their campaign on Crowdcube which is represented on the progress bar for clarity. Shares have already been issued in relation to this investment, however the investment has been made on the same terms as those offered to Crowdcube investors. £49,231.90 will be spent during the course of the campaign.

Idea

Luas Diagnostics was incorporated in the UK in June 2020. The company plans to develop and market easy-to-use, rapid and accurate diagnostics tests. There are two parts to the business.

1. Covid-19 testing

Luas has signed an exclusive distribution agreement with Chembio Diagnostics Systems in the USA to market their Covid-19 antibody and antigen tests in the UK and Ireland. These tests will be sold for use in the workplace, pharmacies, care homes, airports, police forces and many other market segments.

Luas has signed a memorandum of understanding with the University of Birmingham to develop a saliva based, rapid Covid-19 test. Saliva is a convenient sample to obtain and has been shown to be as accurate as swabs.

2. Therapeutic Drug Monitoring

Using an adaptation of the technology currently used worldwide to test diabetics for glucose levels in blood, Luas is developing products to monitor therapeutic drug levels. Certain diseases are treated with drugs which must be maintained in the blood stream at appropriate levels. Today, patient drug levels are measured in centralised laboratories. Luas is developing a test for drug monitoring which could be used at home, in pharmacies or GP surgery. The first product will test for Theophylline which is used to treat Chronic Obstructive Pulmonary disease. Our plans are then to develop a test for Lithium which is used to treat Psychosis.

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This pitch is approved by Crowdcube

This pitch is approved as a financial promotion by Crowdcube Capital Limited. Every pitch on Crowdcube is reviewed to ensure it is fair, clear and not misleading.

As part of our commitment to investor transparency, Crowdcube’s Due Diligence Charter outlines the analysis and verification that is conducted on equity fundraises on Crowdcube by our legal and compliance professionals.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Luas Diagnostics has submitted their plans to raise money, details of their structure and trade etc. to HMRC and is awaiting advice on whether the share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax reliefs.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.