Milestone for Northern Powerhouse fund as Manchester medtech firm secures £700k

Medtech business Microbiosensor Ltd has secured £700k worth of equity finance in the 100th deal completed by the Northern Powerhouse Investment Fund (NPIF).

The transaction, made through private equity firm Maven Capital Partners’ NPIF – Maven Equity Finance fund, represents a co-investment deal with Catapult Cheshire Life Sciences Fund.

Microbiosensor was established in 2012 as a University of Manchester spinout and develops disposable point-of-care medical devices for the early diagnosis of microbial infections.

The firm’s technology provides diagnosis using a colour change in a handheld device, alerting patients and physicians to escalating infections and improving intervention times.

The NPIF investment, supported by the European Regional Development Fund, will give Microbiosensor the capital needed to take its product through critical development and clinical trial phases and bring it to market.

Microbiosensor CEO Dr Gordon Barker said: “We’re delighted to be working with the team at Maven.

“The NPIF investment will be transformational for the company, funding the pivotal clinical trials we need to take our first medical device product to market.”

Maven investment manager Gavin Bell commented: “Microbiosensor is developing innovative solutions for large global healthcare end-markets with interesting dynamics, including a clear need for technological enhancement and efficiencies.

“We are delighted to support this highly skilled management team to execute their growth strategy and vision.”

Jake Berry, Minister for the Northern Powerhouse, said of the deal: “The 100th investment into Microbiosensor will not only go towards bringing life-changing medical devices to the UK market, it will work to boost the North’s reputation as a global leader in cutting-edge medical research and help grow the Northern Powerhouse into a global beating brand.”

The NPIF is delivered by the British Business Bank.

Ken Cooper, the bank’s managing director, commented: “Reaching this milestone so soon is a fantastic achievement and underlines that the Northern Powerhouse Investment Fund is active and making a difference to small businesses in the North.

“The businesses supported reflect the foundation of the region’s future growth and we look forward to continuing to support the funding needs of business like them across the Northern Powerhouse region.”