1 Sep 2009 07:00
Imperial Innovations Group plc
Imperial Innovations leads £2 million funding round in Molecular Vision
London, 1 September 2009. Imperial Innovations Group plc (AIM: IVO, 'Imperial Innovations'), a leading technology commercialisation and investment company, has led a £2 million funding round in Molecular Vision, an emerging developer of quantitative point-of-care (POC) diagnostic devices.
Imperial Innovations has committed £1.5 million, with Acrongenomics Inc, another existing shareholder, also participating in the round. This takes the amount of money raised by Molecular Vision to £3.2 million. Investment Manager Maina Bhaman will join Molecular Vision's Board.
Molecular Vision, which was spun out of Imperial College London, is developing a line of low-cost disposable devices for medical testing that will greatly extend the diagnostic tools available to the general practitioner. By enabling on-the-spot diagnosis, Molecular Vision's technology could reduce the need for patients to make repeat visits, accelerate treatment, free up clinician time and lower treatment costs.
Molecular Vision's patented technology has great potential in other markets including veterinary medicine, forensic science, environmental monitoring and military applications. The company has recently begun a major research collaboration with a global cosmetic company.
Peter Woodford, Chairman of Molecular Vision said:
"I am delighted at the continuing support shown by Imperial Innovations. Through this investment, we are now well placed to drive the company forward and bring our technology to market."
Susan Searle, Chief Executive of Imperial Innovations said:
"Point-of-care diagnostics is becoming increasingly important in the provision of patient care and through its innovative technology, Molecular Vision is well placed to provide healthcare professionals with highly advanced solutions. We look forward to helping Molecular Vision in the next phase of its growth."
Enquiries
| Imperial Innovations | |
| Susan Searle, Chief Executive Officer | Tel. 020 7594 6589 |
| Diana Crisp, PR Manager | |
| College Hill | Tel. 020 7457 2020 |
| Carl Franklin / Tony Stephenson | |
| Molecular Vision | |
| Dr. Ian Campbell, CEO | Tel. 020 7594 1430 |
| J.P. Morgan Cazenove (NOMAD to Imperial Innovations) | |
| Steve Baldwin | Tel. 020 7588 2828 |
Note to Editors
About Imperial Innovations
Imperial Innovations is one of the UK's leading technology commercialisation and investment companies. Founded in 1986 and admitted to the AIM Market of the London Stock Exchange in 2006, Imperial Innovations' access to early stage technology and intellectual property is unparalleled.
Imperial Innovations' integrated commercialisation approach encompasses the identification of ideas, the protection of intellectual property, the development and licensing of technology and the formation, incubation and funding, through investment, of technology businesses.
Based at Imperial College, London, Imperial Innovations' portfolio of equity holdings in more than 80 companies spans its three core areas of Healthcare, Engineering & IT, and Energy & Environment.
Companies in the portfolio of Imperial Innovations include: Circassia (allergy therapeutics), Evo Electric (electric motor and generator solutions), Nexeon (lithium ion battery technology), Polytherics (drug development), Quantasol (solar concentrators) and Respivert (respiratory drug development).
Imperial Innovations has already realised significant value from its investments to date including from a recent trade sale in December 2008 when Thiakis Limited, a company in which Imperial Innovations had a 23.7% stake, was sold for up to £100 million to US-based Wyeth Pharmaceuticals. More recent trade sales include certain Heliswirl IP to Technip and InforSense to IDBS.
www.imperialinnovations.co.uk
About Molecular Vision Limited
Molecular Vision is developing low-cost, easy-to-use microfluidic devices for medical testing that will greatly extend the range of in-house tools available to the general practitioner. The devices are being developed to allow near-patient quantitative diagnosis, currently focusing on key areas of high disease burden such as kidney function and cardiovascular disease. The technology has additional potential applications outside the diagnostics market, including forensic science, homeland security and environmental monitoring.
http://www.molecularvision.co.uk