Manchester based hi-tech investment specialists, MTI Partners, has announced a UPF (the UMIP Premier Fund) investment, in University of Manchester med-tech spin-out BiOxyDyn.
BiOxyDyn, which is based in the Core Technology Facility at the University of Manchester, has developed an innovative new approach to 3D lung imaging - something which is currently unable to be done practically, and to a high image quality.
BiOxyDyn’s lung scans are an enhanced form of magnetic resonance imaging (MRI) which exposes the patient to a zero radiation dose compared to a CT scan, which can have a dose equivalent of upto around 100 chest x-rays.
It’s hoped that BiOxyDyn’s solution will eventually play a major role in the diagnosis and monitoring of two prominent conditions, Chronic Obstructive Pulmonary Disease (COPD) and asthma.
COPD is projected to become the 4th leading cause of death worldwide by 2030, while asthma affects 6.5% of the British population alone. Both conditions are notorious for their poor quality of life implications, and both diseases could benefit from improved progression monitoring.
The deal follows a similar MTI investment in fellow University of Manchester spin-out Ai2, who received a £250,000 capital injection in January 2010. It is also an example of a UPF proof of principal investment maturing to a more substantial investment with attractive prospects.
BiOxyDyn’s target market will be the pharmaceutical industry, some of which have already recognised the benefits of reliable imaging technology in improved monitoring of the effect of new drugs in clinical trials.
The company has already opened negotiations with a major pharmaceutical company.
MTI’S Mark Rahn said: "We’re delighted to have completed the investment in BiOxyDyn. It’s clear that the USP’s of their product will prove instantly attractive to the market as high quality lung imaging is currently very poorly served and lung diseases and disorders are so commonplace."
"We’re also pleased to have managed another med-tech investment in a University of Manchester spin-out, further highlighting its status as a leader in that field."
Prof. Geoff Parker, BiOxyDyn’s Principle Academic said: "Although we can’t go public on the exact size of this deal, the timing of the investment couldn’t be better. There currently simply isn’t an inexpensive or practical 3D lung imaging technique available that can capture the structure and function of the lung, so we feel we’ve got something the market will want quickly."
Prof. Parker continues: "We’ve had some exciting interest from a major pharmaceutical player, so the race is on to continue developing our products and engage with the market."