Biomed fund invests £50k in Liverpool firm
THE £25m North West Fund for Biomedical has made an investment in a new product developed by Liverpool-based Albert Medical Devices.
The firm, which is based at Liverpool Science Park, has received a £50,000 pathfinder investment from the fund as part of a £210,000 early-stage funding round arranged by fund manager Spark Impact.
It will use the cash to develop an intelligent leg bag with an electronic pump known as Melio developed by founder Trevor Wills.
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, while overly full bags can cause reflux and increases in infections.
The Melio system overcomes these disadvantages by replacing the tap with a tiny pump and employing a simple computerized level detector. A miniature computer controller clips onto the waist belt and puts the wearer in charge.
The money will be used for product trials, to secure Europe-wide quality marks and to manufacture more units for customer trials.
Mr Wills said: “I would like to thank SPARK Impact for their support and believing in this product. “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: “AMD has some very specific targets and milestones to meet over the next 3-6 months which we are convinced there is now a team to deliver.
“We are looking forward to seeing just how successful they can become.”
