Cambridge Enterprise Seed Funds (CESF) and Cambridge Capital Group announce their co-investment, in a round totalling £500k in Fowlmere-based Inotec AMD Limited. This investment will fund the development over the coming months of a new wound healing technology.
Cambridge University and Cambridge Capital Group invest in wound treatment company Inotec...
This Cambridge start-up company has developed a means of applying pure medical grade oxygen directly to a wound surface in a manner that avoids the restrictions and high costs associated with current hyperbaric chamber and static methods of applying topical oxygen.
Life depends on a continuous supply of oxygen, which is essential for energy-producing chemical reactions in every cell in the body and crucially to the healing process. From the point of view of wound care, oxygen can both actively prevent infection and dramatically reduce healing time. Very often it is not the initial wound which causes the damage, but subsequent infections to which wounds are prone. Simply dressing a wound, particularly if compression bandaging is used, provides a barrier to normal atmosphere oxygen. However, Grandma was right: wounds need to breathe.
Inotec’s technology is the result of collaboration between Professor Derek Fray of the Department of Materials Science and Metallurgy, University of Cambridge and Inotec’s co-founder, Mel Vinton. The Velox™ system generates oxygen, from a small battery powered unit, which is then distributed evenly across a wound, typically a lower leg ulcer. Conventional medicated dressings are retained and Velox does not need to be applied by a trained clinician. The patient remains fully mobile and may enjoy a normal lifestyle.
Dr Nick Slaymaker, Investment Manager of CESF and Director of Inotec, said “Our first investment has produced pre-production prototypes of this exciting technology which is based on two patented technologies. We are now delighted to co-invest with Cambridge Capital Group in a substantial funding round to take the wound healing products into the clinic. Inotec has also won a substantial R&D grant from EEDA, the East of England Development Agency.”
Ageing populations and increasing diabetes and vascular disease mean that the market for improved treatment of hard-to-heal wounds is large and growing.
Inotec’s technology promises to safely and economically offer a new way of providing oxygen to cells and damaged tissue achieving reductions in healing time, scarring and indeed closure of critical non-healing wounds such as lower leg ulcers. The new investment will help Inotec to develop its IP and know-how and use contract manufacture to work with distributors and other third parties seeking to introduce oxygen therapy into advanced wound care markets.
Contact: Mel Vinton +44 (0)1763 207222
For further information on Inotec AMD, see www.inotecamd.com
About Inotec AMD
Some 2 million, or 1 in 190, of our fellow European citizens currently suffer from chronic wounds such as venous and pressure-induced leg ulcers and diabetic lesions. With an aging population this number is expected to increase dramatically. These wounds cause great suffering since they can take from a few weeks to years to heal, with some 30% taking over two years and many never healing.The annual cost of this to the European health services is estimated to be £5billion.
Inotec's initial product target is to develop a practical device VELOX TM which is suitable for elderly and other patients, and enables greater mobility and flexible therapy regimes for the treatment of wound patients either in hospital (first stage of treatment) or more predominantly in their own homes or place of work. Coupled with the potential large reduction in healing times that the invention offers, this will further reduce the strain on hospital resources.
About Cambridge Capital Group
Cambridge Capital Group (“CCG”) is a private group of business angels that specialise in supporting high-tech start-ups emanating from the Cambridge technology cluster. Comprising 40 private investors from around the eastern region we have been active in the area since 2001; members of the group are experienced and successful entrepreneurs or retired professionals – all have a strong commercial background. CCG coordinates their investment in promising tech businesses and often co-invests alongside other specialist angels or local seed funds.
For further information: http://www.cambridgecapitalgroup.co.uk/
About Cambridge Enterprise Seed Funds
Cambridge Enterprise Seed Funds provides funding for early stage businesses that have been founded by researchers at the University of Cambridge. Cambridge Enterprise Seed Funds comprises the University Challenge Fund and Venture Fund. The University Challenge Fund was established in 2000 with start up funds from the University of Cambridge, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. Cambridge Enterprise Seed Funds works alongside Cambridge Enterprise Limited.
Cambridge Enterprise Limited facilitates the commercial development of intellectual property (IP) developed at the University of Cambridge. Cambridge Enterprise is one of the United Kingdom’s leading knowledge transfer offices, licensing patents and other IP to existing companies, both large and small as well as to spinouts formed to exploit University technology. For the academic year ending 2006, 61 licences were entered into and income from licensing exceeded £3.3 million. Additionally consultancy agreements generated £2.9 million.
Working together with angels, venture capital funds, University staff and students, Cambridge Enterprise facilitates the formation of around thirty new companies each year (about five of which are based on University-owned intellectual property).
Further information on Cambridge Enterprise can be found at: http://www.enterprise.cam.ac.uk
Cambridge Enterprise exists to help University of Cambridge inventors, innovators and entrepreneurs make their ideas and concepts more commercially successful for the benefit of society, the UK economy, the inventors and the University.
Cambridge Enterprise, University of Cambridge