Diagnostics group becomes Powerhouse fund’s 100th deal
THE NORTHERN Powerhouse Investment Fund (NPIF) completed its 100th deal this week by providing £700,000 worth of equity finance to diagnostics firm Microbiosensor.
Microbiosensor is a University of Manchester spin-out company which develops disposable pointof-care medical devices for early diagnosis.
The company’s technology platform, which is initially being targeted at key markets in peritoneal dialysis and urinary tract infection, provides diagnosis through a simple colour change in a hand-held device.
This unique feature enables patients and physicians to be alerted to escalating infections, allowing more timely and effective targeting of appropriate intervention.
The investment was facilitated by a fund called NPIF – Maven Equity Finance, itself a co-investment deal alongside Catapult Cheshire Life Sciences Fund.
Dr Gordon Barker, CEO of Microbiosensor, said: “The NPIF investment will be transformational for the company, funding the pivotal clinical trials we need to take our first medical device product to market.”
Roger Marsh, chair of the Leeds City Region Enterprise Partnership (LEP) who also chairs the NPIF Strategic Oversight Board, said: “I am very pleased the Northern Powerhouse Investment Fund has reached this milestone.
“The fund is making a significant difference to businesses across the North, helping them grow, create jobs and boost the UK’s overall competitiveness and productivity.”