Medtech firm lands six-figure funding package
A Leicestershire medtech firm has landed a six-figure funding package that it says it will invest in developing new products.
The funding was provided to Uvamed by Enterprise Loans East Midlands (ELEM) through the Midlands Engine Investment Fund (MEIF).
Founded in May 2014, the business has developed and patented new medical devices to help reduce medication error in anaesthesia. The new products, Rainbow TraysÒ and Tamper Evident Rainbow TraysÒ, are organisational drug carriers incorporating the international colour coding standard to identify drugs prior to administration.
The devices can also be used to help secure drugs during patient transfers. Uvamed currently supplies Rainbow TraysÒ to the NHS and private hospitals across the UK as well as exporting to Europe, USA, Australia and the Middle East.
Keith Fawdington, managing director at Uvamed, said: “Uvamed was set up to respond to unmet clinical needs and concerns in anaesthesia. We aim to create products that promote a culture of safe drug administration and support patient safety.
“Anaesthetic practice is unique because anaesthetists are personally responsible for all steps from drug preparation to administration. They work alone without the benefit of second checking protocols. The creation of a simple standardised system to support this self-checking process is the purpose of Rainbow TraysÒ and thanks to the funding from Enterprise Loans we’re now able to develop and manufacture a larger tamper evident tray in response to demand from the medical industry.
“We’re also working to expand in the Australian market and establish Rainbow TraysÒ as the new ‘standard’ for the safe storage, organisation and transportation of anaesthetic drugs.”
Sukhveer Chirrimar, loan fund advisor at Enterprise Loans East Midlands, said: “Uvamed was referred by its bank and, in my opinion, this is exactly the type of business MEIF has been established to support.
“Keith and his team have taken an idea and turned it into commercially viable product that has set new standards in anaesthesia by bringing standardisation to drug administration. This is the entrepreneurial spirit that makes my job so fantastic and I can’t wait to see where the business goes.”