North West Fund for Biomedical invests £400,000 in local medtech
23 November 2012
The North West Fund for Biomedical has awarded more than
£400,000 in follow-on investments to two medical technology companies
based in the region.
This is the third tranche of funding for both companies, which
received initial Pathfinder investments in 2011 and further
development funds earlier this year.
Kanichi Research Services
Kanichi Research Services, which develops ultra-sensitive
electrochemical sensors for the point-of-care market, has received a
Kanichi Research Services, which has now received total
investment of £460,000 from The North West Fund, will use the latest
funding to carry out an 18-month technical evaluation of its
technology at St Mary’s Hospital in Manchester. The business is also
relocating to the Biomedical Cluster at Liverpool Science Park as it
embarks on plans to develop a handheld device for assessing
chemicals in breath.
Kanichi CEO, David Killworth said: "We have developed an
excellent relationship with SPARK and we are extremely grateful to
receive their continued financial backing and commercial support.
They believe in what we are trying to achieve and that is such a
boost to our overall ambitions.”
Med ePad, which provides interactive devices and apps to assist
patient self-care, has been awarded an additional £125,000.
Total funding for Med ePad now stands at £250,000 and the
business, which is also based at Liverpool Science Park, plans to
use this new tranche to employ additional staff and expand its
project development pipeline.
Rob Connell, chief technical officer and founder of Med ePad,
said: “We have exciting plans for a range of new products and
devices that could reap real benefits for the provision of patient
care, building on the success we have already had with our existing
projects. The ongoing support of SPARK is crucial to the success of
About the funding
The North West Fund for Biomedical is a sub-fund of the £155m
Evergreen North West Fund that is jointly financed by the European
Regional Development Fund (ERDF) and the European Investment Bank
SPARK Impact has completed 35 separate investments to date with a
strong pipeline of further follow-on investments, new larger
investments and a broad range of Pathfinder deals.
Dr Penny Attridge, senior investment director at SPARK Impact and
manager of The North West Fund for Biomedical, said: “These two
companies reflect the strength of biomedical development in the
region and, having reviewed their business plans and future
projections, we are delighted to continue our relationship.
“The Pathfinder model is clearly working and we will continue to
work closely with our investee companies to identify opportunities
for further investment as they bid to achieve commercialisation.”