DVT firm wins investment with Envestors’ help

A PIONEERING medical technology firm which has developed a treatment for Deep Vein Thrombosis has won ‘significant investment’ from a business angel.

Sky Medical, which is based at Daresbury Science and Innovation Campus in Cheshire was introduced to business angel Mark Gidge though the Manchester-based private investor network Envestors.

The North West Envestors franchise was set up by entrepeneur Scott Fletcher, PR company boss Mike Perls and Imran Hakim, who won investment on Dragons Den.

Sky Medical Technology has developed OnPulse, a trialled and patented technology, to combat DVT.  It is a self-adhesive strip that sits behind and at the side of the user’s knee and stimulates muscles in the calf and foot.

The- technology is designed to combat DVT by dramatically improving blood flow volumes and speed in the lower body.

The funding from Mr Gidge, a partner in Cheshire-based Independent Capital Investments,  will be used to commercialise OnPulse and access the $1.6bn DVT device market via hospital distribution  partners.

Studies carried out by St Bartholomew’s Hospital and London NHS Trust have proved that OnPulse is more effective in preventing DVT than other products such as compression socks.

Sky Medical went through Envestors’ investor readiness programme before pitching to potential backers at an event in July.

Tom Wilkins managing director at Envestors said: “The investment in Sky Medical shows that investors are keen to back quality high growth businesses in the region.

“We look forward to continuing our support of Sky Medical and assisting the company in securing further investment to achieve its  ambitions and fulfil the potential of its groundbreaking technology.”

Bernard Ross, managing director of Sky Medical, said: “We are delighted to have secured investment so quickly after our initial pitch with Envestors. The investor readiness programme was ideal preparation for the pitch and the subsequent marketing of Sky  Medical has been vital in generating interest from the investor community.

“We are now in advanced talks with a number of other interested investors from within the network.”

Sky Medical is expected to secure further investment before then end of the year.