AMD wins £210k VC investment
ALBERT Medical Devices, based at Liverpool Science Park, has secured a £210,000 investment to develop its ‘intelligent’ leg bag technology.
The funding round, run by early-stage venture capital firm SPARK Impact, includes a £50,000 Pathfinder Investment from the £25m North West Fund for Biomedical.
The concept of an intelligent leg bag was developed by Albert Medical Devices’ founder Trevor Wills, an inventor and electronic manufacturing specialist, in the quest to improve his father’s quality of life following a severe stroke.
Existing leg bag products have remained unchanged for more than 70 years, with patients having to lean down to where the bag is strapped to empty, something not always possible for them to do themselves. Wearers of traditional bags also have no way of knowing when the bag is full, overly full bags can cause reflux and increase in infections.
The Melio system overcomes these disadvantages by replacing the tap with a tiny pump and employing a simple computerised level detector. A miniature computer controller clips onto the waist belt and puts the wearer in charge.
The Investment from The North West Fund for Biomedical will be used to grow the current team, complete CE Marking and trialing of the device, as well as manufacturing additional units for trialing with clients and customers.
Trevor Wills, chairman of Albert Medical Devices, said: “We have been trying for a number of months to raise finance for this opportunity and the Biomedical fund have been a great help in not only filling this round but in helping us close this investment.”
Dr Penny Attridge, Senior Investment Director at SPARK Impact and manager of The North West Fund for Biomedical, said: “The investment into Albert Medical Devices is an exciting opportunity for the fund. AMD has some very specific targets and milestones to meet over the next 3 to 6 months which we are convinced there is now a team to deliver, we are looking forward to seeing just how successful they can become.
“From the interest and excitement Melio has received we are hoping the company will grow rapidly, achieve significant sales in a short period of time and be a great addition to the medical device community, while supplying a great return for its shareholders.”
The North West Fund for Biomedical is a sub-fund of the £185m evergreen North West Fund that is jointly financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB). It has completed nine investments in a range of companies from therapeutics and drug developments to medical devices and Telemedicine.
