Inotec AMD Ltd. has reached the technical milestones necessary to trigger the second tranche of investment from the Cambridge Capital Group of business angels. The company, which has also received funding from the Cambridge Enterprise Seed Funds, has been developing a new way to provide topical oxygen therapy for use in healing chronic wounds.
Inotec AMD receives further funding to develop chronic wound treatments
Chronic wounds such as leg ulcers and diabetic lesions affect no less than 2 million Europeans and as the population ages this figure will increase. The Inotec system which addresses this market need has arisen from collaboration between the company’s founders Mel Vinton and Professor Derek Fray, professor of materials at the University of Cambridge
The company has been focused on completing two on-going trials in the UK to test the functionality of the product on typical leg ulcers. It plans to expand into more extensive studies later in the year which will assess the clinical efficacy.
The current method of administrating oxygen to patients with hard-to heal wounds entails expensive and often ineffective treatments. Mel Vinton, Chief Executive, explained that “while the chronic wound care market is intensely competitive, the Inotec system is not in direct competition with many of the known technologies such as negative pressure wound therapy”.
The Inotec system comprises two innovations, one patent, held by Cambridge Enterprise Limited, protects a novel oxygen generator, a small, battery powered, portable oxygen generator that can be worn on a belt ensuring the patient has full mobility. The second innovation, patented by Inotec AMD, is an oxygen delivery pad dressing that distributes oxygen uniformly over the wound and helps to remove exudates.
Inotec was founded in 2005 and the company’s initial investment was by Cambridge Enterprise Seed Funds. Dr Nick Slaymaker, who managed the initial investment, said: “The annual cost of wound healing to the European health services is estimated to be £5billion. The initial feedback from the clinical trials indicates the Inotec approach is showing great promise as a way to solve this very difficult health care area.”
About Inotec AMD
Inotec AMD Limited was founded to commercialised two inventions that combine to make a novel, low-cost, compact wearable system for delivery of oxygen to the surface of wounds. This is proven to promote the healing of hard-to-heal wounds, a $$-billion market, but prior to the work of Inotec was too expensive and inconvenient a treatment for significant use. The Inotec system also has the added advantage of removing the infected exudate. Inotec is now commencing trials of its system on real patients and is positioned to roll out its first product within a year. Beyond this, the Inotec invention is a platform for other treatments and can be enhanced by telemedicine facilities. The founding inventors have a record of success, having already collaborated to build a successful instrumentation company.
For further information please contact:
Inotec AMD Ltd
The Way, Fowlmere
About Cambridge Capital Group
CCG is a private investor group focused on early stage disruptive technology, founded in late 2000. Its unique structure and focus has proved highly successful for members: our business angels have invested in a number of the leading technology spinouts from the Cambridge high-tech cluster. Membership of CCG is offered by invitation only, and the number of members is limited. CCG has a well established position in the wider technology investment market built up over eight years, and we are sponsored by three leading firms: Grant Thornton, Taylor Vinters and Merrill Lynch.
Cambridge Enterprise Seed Funds is part of Cambridge Enterprise Limited and provides funding for early stage businesses that have been founded by members of the University of Cambridge. Cambridge Enterprise Seed Funds comprises the University Challenge Fund, the University Venture Fund and the University of Cambridge Discovery Fund. The University Challenge Fund was established in 2000 as a result of a government initiative, with start up money from the University of Cambridge, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. The University Venture Fund was set up in 1995 with Funds solely from the University of Cambridge. The University of Cambridge Discovery Fund was launched in September 2008. All three funds are evergreen and use equity realisations to continue funding new businesses.
Cambridge Enterprise Limited is a wholly owned subsidiary of the University of Cambridge, responsible for the commercialisation of University intellectual property. Activities include management and licensing of intellectual property and patents, proof of concept funding and support for University staff and research groups wishing to provide expert advice or facilities to public and private sector organisations. Cambridge Enterprise provides access to angel and early stage capital through the Cambridge Enterprise Seed Funds and Cambridge Enterprise Venture Partners, and offers business planning, mentoring, specialist Surgeries and other related programmes. In 2007/08 income from licensing, consultancy and equity transactions exceeded £10 million, of which £8 million represents distributions to University departments and academics.
For further information please contact:
Head of Marketing
Cambridge Enterprise Limited
Tel: 01223 760 339
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.