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MDL Information Systems, Inc. Receives GBP600k in New Funding Round for World-Beating Cancer Diagnosis and Treatment Device


8/4/2008 10:56:31 AM

LONDON, August 4 /PRNewswire/ --

- With Photos

Successful results and growing sales of Michelson Diagnostics Ltd's (MDL) Optical Coherence Technology (OCT) systems have encouraged investors to place a further GBP600K into the business to help develop the in vivo technology. The capital injection forms part of a new funding round of almost GBP600k into pioneering MDL, with Catapult Venture Managers investing a further GBP250k, London Seed Capital a further GBP50k and the balance of the money coming from private investors. The money will be used to complete development of its hand-held OCT probe for applications in cancer diagnosis and treatment.

The device uses OCT to provide real-time images of sub-surface tissue at near-cellular resolution without tissue removal - an 'optical biopsy'. The company's breakthrough '4-beam' optics provides crisp, clear OCT images at unprecedented resolution, a capability already proven in extensive tests on tissue at leading cancer research centres.

"We are very excited about the breakthrough in image quality that this system offers," said Mr Colin Hopper, Senior Maxillofacial Surgeon at University College Hospital, London. He added "OCT could revolutionise the surveillance of pre-cancers in the mouth and eliminate the waiting time for biopsy results. It should also minimise surgery through improved disease mapping. This will provide cost effective treatments with improved cure rates".

MDL received early stage funding of GBP600k in October 2007, with GBP250k coming from Catapult and the remaining financial backing coming from London Seed Capital and London Business Angels.

Robin Jones, Director of Catapult Venture Managers commenting on the funding said: "Since our initial investment, MDL has successfully built and trialled a prototype in-vivo machine. The company's ex-vivo product has been clinically validated in Gloucester Royal Hospital and University College Hospital on cervical, oesophageal and oral cancer tissues. Several sales have been made, including to University College Hospital, Sheffield University and the National Physical Laboratory. Tenders for machines are out with a number of hospitals and universities," he said.

MDL, which has offices in Kent and the West Midlands, was founded in 2006 by Jon Holmes and four other ex-employees of Sira, the photonics instrumentation company.

Its innovative, next generation imaging technology, addresses the key need for clinicians to see, during an operation and in real time, the location and extent of a tumour, for a range of cancer types. It is anticipated that the equipment will enable faster, more accurate cancer surgery, with major benefits for both the patient and clinician - removing the slow, painstaking process of taking multiple samples of tissue for analysis.

Jon Holmes, CEO of MDL, said: "This funding will enable the company to bring new OCT products to market and to demonstrate their potential to solve significant unmet medical needs in multi-billion pound markets worldwide. We are tremendously excited by the confidence shown in Michelson Diagnostics by our investors, Catapult Venture Managers, London Seed Capital (LSC), and London Business Angels"

Notes to Editors:

Michelson Diagnostics Ltd http://www.michelsondiagnostics.co.uk

Michelson Diagnostics Ltd is the UK's leading independent manufacturer and developer of Optical Coherence Tomography medical imaging equipment. Founded in 2006, it is based in SE London, UK.

Pictures accompanying this release are available through the PA Photowire. They can be downloaded from http://www.pa-mediapoint.press.net or viewed at http://www.mediapoint.press.net or http://www.prnewswire.co.uk.


CONTACT: For further information, contact Jon Holmes of Michelson
Diagnostics Ltd at jon.holmes@md-ltd.co.uk or call +44(0)20-8308-1695


Read at BioSpace.com

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