26 July 2010 -- Ambicare Health, a leading developer of ambulatory light sources for medical and consumer healthcare applications, is pleased to announce that it has completed a £ 1.7m fundraising. The proceeds of the fundraising will be used to facilitate the roll-out of its lead product, the Ambulight PDT, the world’s first light emitting sticking plaster for the treatment of skin cancer and for working capital purposes.
The funding round was led by existing investor Longbow Capital LLP with additional funds coming from the Scottish Venture Fund, DC Thomson and private individuals introduced by Beer & Partners.
The Ambulight PDT is used in conjunction with a prescribed pharmaceutical to treat non-melanoma skin cancer, delivering photodynamic therapy treatment (“PDT”) directly to the skin lesion site. Ambicare Health recently appointed Schuco to handle its UK distribution arrangements and is targeting other geographic markets.
The Company also announces that Gary Conroy has been appointed Sales and Marketing Director with immediate effect. Gary has 20 years sales and marketing experience with specific expertise in dermatology.
Gary was latterly Head of Aesthetic Dermatology UK and Ireland at Sanfi-Aventis. In that role he managed the sales and marketing function for its dermatology portfolio, providing global support for new country launches and acting as the global lead for new product launches and aesthetic business development. Gary was previously one of Sanofi’s top national sales managers and was sales champion in 2005 & 2006.
Commenting, Ian Muirhead, Chief Executive Officer of Ambicare Health, said “I am delighted to announce both the completion of this fundraising and Gary’s appointment at this crucial time for Ambicare Health. Feedback from dermatologists on the Ambulight PDT has been excellent and indicates that we have a product that will make a real difference in how patients are treated for non-melanoma skin cancer. We believe that Gary’s experience will be invaluable as we commercialise our technology and target widespread adoption of the Ambulight PDT both in the UK and overseas.”
Ambulight PDT offers healthcare providers the opportunity to transform patient care by making PDT more accessible and enabling patients to continue with their normal daily routine when undergoing PDT treatment. Clinical trials have also indicated this treatment method has lower pain than conventional techniques whilst still obtaining an equivalent outcome.
Current PDT treatment generally involves a day patient appointment at the hospital where a large static PDT light source is used to treat a limited number of patients. This is inconvenient for the patient and costly for the healthcare provider as it ties up a hospital day bed, as well as restricting the number of patients who can be treated. Ambulight PDT will reduce costs for the healthcare provider by freeing up these beds and improve patient care, freeing up their time to continue with their normal daily lives.
For further information please contact:
Diane Stewart (firstname.lastname@example.org)
0131 226 6150
Carrie Clement (email@example.com)
0131 226 4427/ 07738 469781
Ambulight PDT Technology
The Ambulight PDT is a light source intended for use in topical Photodynamic Therapy (PDT) of non melanoma skin cancers. It emits light with a peak wavelength of 640nm and a full width half maximum (FWHM) of 20nm. The irradiance of light emitted from the Ambulight PDT is 7mW/cm2. It delivers a total light dose of 75 J/cm2 to the treatment site and is designed to be used in conjunction with a pharmaceutical cream. Two devices are needed to complete a treatment course, with each treatment lasting 6 hours. The two treatments are one month apart. Ambicare’s technology is IP protected and we have six patents either granted or pending.
The alternative treatment methods to PDT are surgery, use of topical creams and cryotherapy. Each of these can be painful, irritate the skin, leave scarring and can be highly stressful for the patient. PDT treatment is less invasive than surgery and avoids the scarring associated with surgical removal of the lesion which can often require an in-patient hospital stay. Ambulight PDT gives healthcare providers the opportunity to shift treatment from hospitals to primary care such as GP surgeries or office based dermatologists.
In Europe PDT is regularly the first line of treatment recommended for non melanoma skin cancer. It is a two-step process involving the application of a pharmaceutical cream which creates a photosensitive daughter compound, followed by controlled exposure to a selective light source which activates the light sensitive chemical and destroys the diseased cells.
Skin Cancer Statistics
Cancer affects a large and growing proportion of the world’s population driven by an aging demographic and insufficient protection from sun exposure. The incidence of non-malignant skin cancer continues to grow rapidly and now affects 15% of the UK, 40% of the USA, and 75% of the Australian populations during their lifetimes. Ambulight PDT has a current potential target market in excess of £640m. The number of skin cancer lesions requiring treatment is doubling every ten years, as individuals in affluent western societies live longer and are affected by the consequences of excessive sun exposure. By 2015, this would give Ambicare Health a total addressable market approaching £1 billion.
Longbow Capital LLP
Longbow Capital is a leading venture investor in the healthcare, wellbeing and life sciences sectors. For investors, Longbow can offer tax efficient investing into cutting edge, innovative companies with the potential for high returns through our EIS Funds & SIPP Venture Fund. For companies who are fundraising Longbow can provide capital, connections and experience.
Further information can be found at www.longbow.co.uk
The Scottish Venture Fund
The Scottish Venture Fund has been set up by Scottish Enterprise in conjunction with the Scottish Government to invest £500,000 to £2 million, along side private sector partners, in company finance deals of between £2 million and £10 million.
Further information can be found at www.scottish-enterprise.com
Beer & Partners
Founded in 1991, Beer & Partners is an established FSA authorised business investment agency with a database of some 1,600 active investors and over 200 smaller institutions. The company matches quality investors to businesses looking to raise funds, from those in early start-up phases through to IPO. These investments fill the equity gap between family capital and the institutions, typically ranging from £150,000 to £2.5million. By combining high quality investors with well chosen companies, Beer & Partners achieves a completion rate five times higher than the industry standard, meaning businesses have a greater chance of success. Headquartered in London, Beer & Partners extends its reach nationwide with a comprehensive network of skilled associates, each with over 20 years experience in industry commerce and corporate finance. Beer & Partners is a Scottish Venture Fund Partner.
Further information can be found at www.beerandpartners.com
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