EnXray Raises $1 Million To Fund Commercial Expansion
Announces Completion of Commercial Demo Release
EnXray Ltd, a sterilization technology company, today announced that it has raised in excess of $1 million (£800k) in its second venture capital-led equity funding round. The funds will support the further development and commercialization of the company's (patent-pending) Low Energy X-ray (LEXR) sterilization technology.
Ed Cappabianca, Co-founder and CEO of EnXray, said: "The investment came from a combination of existing and new investors, including regional venture funds, a corporate investor and individual investors who have experience of investing in early-stage companies. The round was anchored by the Northwest Fund for Biomedical, an existing investor, and a new institutional investor - CBC Holdings AB that matched the Northwest Fund's investment in this round. This equity round, combined with the £2 million loan facility available to us under the UK Government's Advanced Manufacturing Supply Chain Initiative (AMSCI), ensures that we can successfully commercialize our technology in 2017."
EnXray also announced that its first prototype unit has been installed at its partner SMS Electronics in Beeston. It is currently being developed into a commercial version for customer demonstrations and validation. EnXray expects to start product sterilization testing for potential customers in Q4 2016.
Visit www.enxray.com for more information.
About EnXray Limited:
EnXray Limited (EnXray) is a development-stage technology company founded in 2012, focused on commercializing its proprietary LEXR technology for use in sterilization. EnXray's first target market is the medical device manufacturing industry, where our technology will enable companies to manage and control the sterilization of their products (the final critical step of their production process) on-site & on-demand, providing significant benefits to its customers.
Today, the global medical device manufacturing industry relies upon large scale remote sterilization facilities, which creates significant logistics issues for manufacturers, as well as their end customers, such as hospitals and the NHS.
Low Energy X-ray
Low Energy X-rays (LEXR), or "soft x-rays" are a form of ionizing radiation in the range of 5 - 20 keV, which have some compelling characteristics, including a short transmission range through air, combined with a high relative absorption coefficient, which makes it a very efficient method for delivering high dosages of radiation in a relatively short period of time, without the need for extensive shielding.
SMS Electronics Limited
SMS Electronics is a leading supplier and service solution provider into all segments of the electronic assembly industry, including niche markets, by leveraging our expertise in; procurement, board assembly, test, product integration, asset management and end of life support. SMS is certified AS9100 Rev C (BS EN 9100:2009), ISO13485:2003 and ISO9001:2008. SMS was awarded the Queen's Award for Excellence in Manufacturing 2012, and was the top-ranked private company in [the Times fastest growing company review in both 2010 and 2011]. For more information please visit www.smselectronics.co.uk.
Other Partners:
The AMSCI consortium includes the University of Nottingham Precision Manufacturing Centre (www.nottingham.ac.uk/ifam/research/themes/pmc/index.aspx), Pennine Healthcare, one of the largest privately owned UK manufacturers of medical devices based in Derby (www.penninehealthcare.co.uk), and Europlaz Technologies Ltd, a medical device contract manufacturing company based in Maldon (www.europlaz.co.uk). EnXray is also working with Tharsus Group (www.tharsus.co.uk), FMP Ltd based in Lancaster (www.tharsus.co.uk), a subsidiary of CliniMed (Holdings) Ltd, and LiNA Medical AsP (www.lina-medical.com)
The North West Fund for Biomedical and SPARK Impact
The £31m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England. It is now fully invested.
The North West Fund for Biomedical, which was launched in February 2011, is accessible to a broad range of companies including those developing pharmaceuticals, new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to companies based in, or prepared to relocate to, the North West of England, with 40% of the fund to be invested on Merseyside. For more information about the fund please visit www.thenorthwestfund.co.uk.
About AMSCI:
AMSCI (the Advanced Manufacturing Supply Chain Initiative) has supported manufacturing supply chains in England to reshore in the UK and improve global competitiveness by encouraging innovative, collaborative projects which establish strong, sustainable and balanced growth. Complementing the Regional Growth Fund, AMSCI has offered flexible funding support for R&D, skills, training, capital finance whilst leveraging private sector investment.
The Technology Strategy Board
The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.
The Department for Business, Innovation & Skills
The Department for Business, Innovation & Skills (BIS) is the department for economic growth. The department invests in skills and education to promote trade, boost innovation and help people to start and grow a business. BIS also protects consumers and reduces the impact of regulation. For more information, please visit https://www.gov.uk/government/organisations/department-for-business-innovation-skills.
Birmingham City Council
The Greater Birmingham and Solihull Local Enterprise Partnership actively supports advanced manufacturing through the Advanced Manufacturing Supply Chain Initiative. This programme, delivered through Birmingham City Council, reflects the importance of the sector within the region. For more information please visit http://birmingham.gov.uk/supportforbusinesses.
Contact:
Edward Cappabianca, Chief Executive Officer
Tel: +44 77 11 98 43 45
E-mail: info@enxray.com
Hume Brophy
Mary Clark, Supriya Mathur, Alex Protsenko
Tel: +44 (0)207 862 6381
E-mail: enxray@humebrophy.com