As the Northern Powerhouse Investment Fund (NPIF) continues to back investment across the Northern Powerhouse region, we look back at some of the businesses that are achieving their ambitious growth plans with our support.
Manchester-based Microbiosensor secured a £700,000 equity investment from NPIF – Maven Equity Finance, managed by Maven Capital Partners in a co-investment deal alongside Catapult Cheshire Life Sciences Fund.
Established in 2012, the University of Manchester spin-out company develops disposable point-of-care medical devices for the early diagnosis of microbial infection.
The funding has allowed the company to complete the development of its first product, TripleCheck, an infection diagnostic for patients on renal dialysis, and to plan for a multicentre clinical study to validate that product in Q2 2019.
The NPIF investment also funded the prototyping of a second product, that is able to determine the antibiotic sensitivity profile of infections causing urinary tract infections in the elderly.
Dr Gordon Barker, chief executive of Microbiosensor, said: “Securing investment from NPIF was a key milestone for Microbiosensor. The novel medical devices we have developed are designed to be used proactively, at the ‘point of care’, to speed the time to an effective diagnosis and treatment for these vulnerable patient groups.
This should improve patient care and also save the NHS money and we’re delighted to have NPIF support and the backing of the investment team at Maven to help bring these innovative products to market.”
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.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929