Northern Powerhouse Fund completes 100th deal with University of Manchester spin-out investment
The Northern Powerhouse Investment Fund (NPIF) has completed its 100th deal with a £700,000 equity finance investment in Microbiosensor, an innovative diagnostic solutions company spun out from the University of Manchester.
The investment, facilitated by NPIF – Maven Equity Finance, an NPIF product fund managed by Maven Capital Partners, is a co-investment deal alongside Catapult Cheshire Life Sciences Fund.
Established in 2012, Microbiosensor develops disposable point-of-care medical devices for the early diagnosis of microbial infection.
The company’s technology platform, which is initially being targeted at key markets in peritoneal dialysis and urinary tract infection, provides point of care infection 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 from NPIF, supported by the European Regional Development Fund, will provide the capital needed to take these products through development and clinical trial phases, in order to bring the product to market.
The additional funds will allow the business to build intellectual property, execute its growth strategy and create value.
Dr Gordon Barker, chief executive 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.”
Gavin Bell, investment manager at Maven, said: “Microbiosensor is developing innovative solutions for large global healthcare end-markets with interesting dynamics, including a clear need for technological enhancement and efficiencies.”
Minister for the Northern Powerhouse, Jake Berry, added: “The 100th investment into Microbiosensor will not only go towards bringing life-changing medical devices to the UK market, it will work to boost the North’s reputation as a global leader in cutting-edge medical research and help grow the Northern Powerhouse into a global beating brand.”
