£1.2m boost for new technology to enhance MRI diagnostics
Investors announce their support for BiOxyDyn\'s innovation to improve respiratory imaging
Development of innovative new medical devices continues despite the economic downturn, with news this week of a £1.2m investment in diagnostic imaging technology.
BiOxyDyn, a spin-out company from the University of Manchester, has secured the investment jointly from the North West Fund for Biomedical, managed by SPARK Impact, and MTI Ventures’ UMIP Premier Fund.
It will be used to help advance technology that can be used in conjunction with MRI to produce better quality images, particularly of the lungs, improving diagnostics.
BiOxyDyn founder, Professor Geoff Parker, said: “With millions of people worldwide affected by chronic lung conditions such as chronic obstructive pulmonary disease (COPD) and asthma, better imaging can mean earlier, more accurate diagnosis and improved patient monitoring.
“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.”
Penny Attridge, fund manager of The North West Fund for Biomedical, added: “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.”
BiOxyDyn is the 25th investment for the North West Fund for Biomedical.