Member Article

Manchester medical imaging firm secures £1.2m investment

Manchester-based medical imaging company BiOxyDyn Ltd has secured £1.2m investment from two early stage technology investors.

The University of Manchester spin-out has developed technology used in conjunction with an MRI scan to produce better quality images, particularly of the lungs.

This investment comes jointly from The North West Fund for Biomedical, managed by SPARK Impact and MTI Ventures’ UMIP Premier Fund (UPF).

It will allow BiOxyDyn to expand its imaging service business and develop its technology into a diagnostic product.

Penny Attridge, senior investment director at SPARK Impact and fund manager of The North West Fund for Biomedical, said: “This technology has the potential to make a big impact in the lung diagnostics market and beyond so it’s exciting to be able to invest in this company.

“I think BiOxyDyn has a bright future and I look forward to following how they grow as a business and hope to launch the product onto the medical imaging market.”

Investment Partner of MTI Ventures, Dr Mark Rahn said: “Prof Parker’s technology was the first PoP project to be supported by UPF in 2008.

“In 2010 MTIP backed the resulting spin-out individually and we are now delighted that the business has developed to a point where an experienced new investor has joined. This is further validation that our methodology of investing in university projects, with PoP finance, produces high quality investment prospects.”

Law firm Laytons Solicitors advised on the deal.

This was posted in Bdaily's Members' News section by Tom Keighley .