Medical imaging firm BiOxyDyn secures £1.2m
MANCHESTER-based medical imaging company BiOxyDyn has secured a £1.2m investment from two early stage technology investors.
The funding means the firm can lexpand its imaging service and develop its technology into a diagnostic product.
It has secured investment from The North West Fund for Biomedical, managed by SPARK Impact, and MTI Ventures’ UMIP Premier Fund (UPF).
The Manchester Science Parks-based company is a spin out from the University of Manchester and of UMIP’s Proof of Principle (PoP) programme.
It has developed technology used in conjunction with an MRI scan to produce better quality images, particularly of the lungs.
Founder, Prof Geoff Parker, said: “We now offer a professional and accredited imaging service to pharma and with this investment we will expand this service into a product that lung clinicians can use around the world.
“We would like to thank MTI Partners for their support in helping us establish BiOxyDyn, and for their continued support, and we would like to thank SPARK Impact for joining in our vision and committing to work with us over the next few years.”
Penny Attridge, senior investment director at SPARK Impact and fund manager of The North West Fund for Biomedical, said: “This technology has the potential to make a big impact in the lung diagnostics market and beyond so it’s exciting to be able to invest in this company.
“I think BiOxyDyn has a bright future and I look forward to following how they grow as a business and hope to launch the product onto the medical imaging market.”
