Biomed fund does two more deals

THE £25m North West Fund for Biomedical has made two early-stage investments in fledgling companies to help with product development.

The fund, which is managed by SPARK Ventures, has made two £50,000 Pathfinder loans to Cheshire-based ESP Technology and to Wirral-based Westco Medical.

ESP will use the money to develop a polymer coating it has created which is designed to improve the lifespan of artificial blood vessels when used for haemodialysis.

The company’s chief technical officer, Dr Chris Underwood, said: “We are extremely pleased to receive this investment from SPARK Impact who have been very supportive of our work. We are now looking forward to being able to significantly move the development on.”

Westco Medical will use the cash to build a prototype of its MG-PoD device which helps to position nasogastric feeding tubes correctly. It will also help the firm gain regulatory approval for the product and be used to develop intellectual property.

CEO George Gallagher said: “We are really excited to receive the investment which will allow us to get a fully working prototype complete.

“We expect to have enough data to look at a potential trial within six months and begin the process of CE marking the device.”

The investments represent the 10th and 11th deals completed by Spark Impact since the launch of the £185m North West Fund in February 2011.

Senior investment director Dr Penny Attridge said: “We are still seeing a considerable number of opportunities to invest in. We go into 2012 with a very healthy pipeline and are looking forward to a successful second year of inspiring entrepreneurs in the North West.”