Challenge
Microplate Dx is a life science company whose purpose is to prevent and control the spread of antimicrobial resistance (AMR) worldwide. Microplate Dx attended OBN’s BioSeed event in 2022 seeking funding from investors.
The company had secured substantial funding through a venture capital business and were seeking Directors’ & Officers’ liability and key person cover. Although key person cover was not required to complete the funding application, Microplate Dx recognised the need for cover to continue to scale-up the business for future funding rounds.
As a start-up, their knowledge and understanding of the insurance cover needed for new companies was minimal and they were looking for robust advice.
Support
Elaine Lamb and Yusuf Ali were at OBN BioSeed and met with the Founder & CEO, Stuart Hannah. Following the event, they developed a relationship with Microplate Dx, taking the time to understand their risks and exposures.
Yusuf explained the concept of key person insurance and helped Stuart understand the company’s people risk and how insurance could help future proof the business. Elaine helped Stuart understand the minimum insurance cover needed by new companies and why D&O is important. Key person protection was arranged for Stuart and Elaine subsequently supported with their general insurances.
Perform
By arranging the key person cover, Partners& supported Microplate Dx in becoming investment ready and an attractive opportunity for further funding. The business has subsequently been able to grow and develop the all-important diagnostic solutions they specialise in, safe in the knowledge they are properly protected.
Microplate Dx have since won several awards in the life science sector and we’re proud to partner with them as they continue their journey.
