Vimeo logo LinkedIn logo

News

npif stripes
Back to News Eventum Ortho pic showing Mike Chipp, John Naybour-Tom-Kitchen-Paul-Atherton.jpg

Image caption: Pix: Shaun Flannery/shaunflanneryphotography.com COPYRIGHT PICTURE>>SHAUN FLANNERY>01302-570814>>07778315553>> 19th April 2021 Mercia Eventum Orthopaedics Ltd Ilkley L-R Mike Chipp (Eventum Non Executive Director), John Naybour (Eventum CEO), Tom Kitchen (Mercia), Paul Atherton (Eventum COO).

11th May 2021

Medtech start-up raises £1.4m for device designed to ‘take the guesswork’ out of knee operations

Tags

Northern Powerhouse Investment FundLeeds City Region LEPNPIF - Mercia Equity Finance

A Yorkshire start-up whose sensor technology could improve outcomes for patients having knee replacement operations has raised £1.4m to bring its device to market.

Eventum Orthopaedics has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors including several world-leading orthopaedic surgeons.

The Ilkley-based company was founded by John Naybour and Paul Atherton, who between them have almost 50 years’ experience in the field of orthopaedics and previously held senior roles with Johnson & Johnson. They are joined by Mike Cripps, the former MD of Leeds-based Panintelligence, as Non-Executive Director and Jon Gonzales as Finance Director.

Around 2 million patients a year worldwide undergo a total knee replacement, and this is expected to rise to 3.5 million by 2030. However studies suggest that up to 20 per cent of patients are dissatisfied with their outcome. Eventum believes that the key to improving success rates is a greater focus on the positioning of the kneecap, which plays a significant role in the overall function of the knee.

Developing early prototypes with input from eminent surgeons worldwide, Eventum has developed a unique and innovative device that will be the first to provide real-time measurements of this area during the operation, enabling surgeons to improve their decision making. Funding will allow the team to finalise development and bring the product to market in 2022. As part of the investment Alan Ashby, who has held senior roles with international medical companies, has been appointed as Non-Executive Chair.

John Naybour, Eventum’s CEO, said: “I have spent my working life involved in developing products to improve total knee surgery. It is exciting to be part of a small med tech start up with a big vision to deliver accessible innovation to improve patient outcome for total knee patients across the globe.”

Tom Kitchen of Mercia added: “With a more active, ageing population, demand for total knee replacements is growing rapidly but clearly success rates need to improve. Eventum’s device could offer a solution by removing the guesswork from surgery and providing accurate measurements. This is an exciting development and the fact that surgeons themselves are willing to invest in it is a major vote of confidence.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363).  EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).

Editors Notes

 

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to 'Funds Available' to find the Fund Managers operating in your area

Signpost microfinance icon

Microfinance

£25k – £100k

Microfinance page
Learn More
Debt finance icon of a road map

Debt Finance

£100k – £750k

Debt Finance page
Learn More
equity finance icon

Equity Finance

£50k – £2m

Equity Finance page
Learn More

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information