Medfield Diagnostics: A Swedish Innovation in Stroke Detection and Its Untimely Demise

Medfield Diagnostics AB was a Swedish medical technology company headquartered in Gothenburg, founded in 2005 by Mikael Persson and Andreas Fhager. The company aimed to revolutionize emergency stroke diagnostics through the use of microwave technology. Despite its promising beginnings, Medfield faced significant challenges that ultimately led to its bankruptcy and delisting from the stock market in 2024.

Origins and Innovation

Medfield Diagnostics emerged from research conducted at Chalmers University of Technology, particularly within the Department of Signal Processing and Biomedical Engineering (Chalmers University). Co-founder Andreas Fhager, an associate professor at Chalmers, played a pivotal role in translating academic research into practical applications.

The company’s flagship product, the Strokefinder MD100, was a helmet-like device designed to distinguish between ischemic and hemorrhagic strokes using microwave technology (Sahlgrenska Science Park). This innovation aimed to provide rapid diagnostics in pre-hospital settings, such as ambulances, thereby facilitating timely and appropriate treatment for stroke patients.

Development and Collaborations

Medfield collaborated with various partners to advance its technology. For instance, the company worked with Prevas to develop instruments and software capable of differentiating stroke types (Prevas). Additionally, Medfield received funding from Vinnova, Sweden’s innovation agency, to improve the performance and reduce the cost of its microwave-based diagnostic tools (Vinnova).

The company also engaged in clinical studies across Sweden, Norway, and Australia to validate its technology and sought CE certification to enter the European market (Analyst Group).

Financial Struggles and Market Challenges

Despite its innovative approach, Medfield faced financial difficulties. The company’s revenue remained modest, with sales of approximately SEK 0.71 million in 2023 (Business Insider). Analysts noted that Medfield’s burn rate suggested the need for additional capital by mid-2022 (Analyst Group).

These financial strains were compounded by delays in obtaining CE certification, which hindered the company’s ability to commercialize its products effectively. Furthermore, the COVID-19 pandemic disrupted clinical studies, further delaying product validation and market entry.

Bankruptcy and Delisting

In June 2024, trading of Medfield’s shares was halted, and the company was subsequently delisted from the Spotlight Stock Market (Cision). Shortly thereafter, the Gothenburg District Court approved Medfield’s bankruptcy application, appointing attorney Kenneth Nilsson as the bankruptcy trustee (Svenska Dagbladet).

Legacy and Impact

Medfield Diagnostics’ journey underscores the challenges that innovative medical technology companies face, particularly in navigating regulatory landscapes and securing sufficient funding. While the company’s microwave-based diagnostic approach held significant promise for improving stroke care, its inability to overcome financial and regulatory hurdles ultimately led to its downfall.

Nevertheless, Medfield’s pioneering work in microwave diagnostics has contributed valuable insights to the field and may inspire future innovations aimed at enhancing pre-hospital stroke detection and treatment.