EnXray Raises £2.3 Million To Fund Commercial Launch

LIVERPOOL, England--(BUSINESS WIRE)--EnXray Ltd, developers of innovative sterilization equipment, today announced it has raised £2.3 million to support the pre-commercialization activities, manufacturing and launch of its ground breaking Low Energy X-ray (LEXR) sterilization machine. The LEXR equipment enables on-site and on-demand sterilization of medical devices and consumables at the point of manufacture.

“We are really pleased to have been able to provide EnXray with funding that builds on R&D and the commercialization of their product within an exciting market place.”

EnXray is carrying out initial product sterilization testing with potential customers with its prototype machine and is on track for commercial launch by the last quarter of this year.

EnXray has entered into a loan agreement with Finance Birmingham for up to £2 million, as part of the funding support under the AMSCI programme, which is supported by the Department of Business, Energy and Industrial Strategy (BEIS). The funds will be drawn down in tranches during the year to match the Company’s progress. In addition, the Company has also raised equity totaling £327,000 as a final closing on its 2016 equity funding round. The equity funding is in addition to the £800,000 which was announced in October 2016.

Ed Cappabianca, co-founder and CEO of EnXray, said: “The loan facility is an excellent form of capital to assist EnXray in the further development and commercialization of our technology. We also appreciate the further commitment of equity capital that came primarily from CBC Holding AB, one of our new investors in 2016, which co-led the 2016 equity funding with the North West Fund for Biomedical. We are looking forward to our commercial launch later in 2017.”

Andy Green, Finance Birmingham Investment Director, commented: “We are really pleased to have been able to provide EnXray with funding that builds on R&D and the commercialization of their product within an exciting market place.”

EnXray will be at the XIVth Anglo Nordic Life Science Conference on Wednesday, 31^st May 2017. Ed Cappabianca, CEO, will be presenting an overview on the Company’s technology and will be available for meetings.

Visit www.enxray.com for more information.

Notes to editors

About EnXray Limited

EnXray Limited (EnXray) is a development-stage technology company founded in 2012, focused on commercializing its proprietary Low Energy X-rays (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.

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 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. This is different from

gamma-irradiation, where products have to be paletted in order to get reasonable sterilization efficacy, LEXR is designed for end-of-line processing and sterilization of individual products.

For further information, please visit: http://www.enxray.com/news170410.html