6th February 2008, Cambridge, Aitua Ltd (“Aitua”), the life science IP commercialisation company, today announces that one of its portfolio companies, Probe Scientific (“Probe”) has entered into an agreement with Vygon, one of Europe’s leading medical device companies and a major supplier to the intensive care market, to co-develop Probe’s revolutionary blood sampling device, MicroEye®, alongside Vygon’s IV access devices.
MicroEye® is a sterile single-use, minimally invasive, blood sampling device which allows continuous blood sampling in collaboration with pre-existing access devices, thereby avoiding repeated needle puncture for the patient. The agreement with Vygon sets out a timetable for the two companies to work towards distribution of MicroEye® by Vygon.
Probe already supplies MicroEye® to a number of research and clinical customers in the UK and Europe and has recently applied to register the device in the USA.
The Vygon group designs, manufactures and markets more than 100 million medical products in 110 countries. Vygon's name has become synonymous with quality and reliability in the field of single-use medical and surgical products.
Neil Smith, Chief Executive of Probe Scientific, said: “This agreement demonstrates not only the potential for the MicroEye® to be integrated with other vascular access devices, but the future potential of Vygon distributing Probe’s products in the worldwide Critical Care market.
“In addition to its distribution capability Vygon can offer us customer feedback and the benefits of extensive customer networks.”
When Aitua was established in June 2006, Probe was part of its initial portfolio of early stage investments provided by Babraham BioScience Technologies. In February 2007 Aitua consolidated its equity position leading a £300,000 follow-on round with Probe’s existing group of angel investors.
Dr Catherine Beech, CEO, of Aitua said: “As a lead investor in Probe Scientific we are delighted that they have entered into an agreement with Vygon. It is a major step forward in reaching the critical care market and will be invaluable in gaining a greater insight into customers’ needs for future product development.”
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About Aitua Ltd
Aitua works together with entrepreneurs to create successful early stage life science companies. Situated at the heart of the Cambridge biotechnology cluster, the company uses its expertise to build on a platform of top-quality research to develop commercial life science businesses. Founded in June 2006, the Company is led by a team with an established track record in starting, managing and exiting early stage life science companies. Aitua has an exclusive 10-year pipeline agreement with the Babraham Institute, with the right to form companies around novel intellectual property created at the Institute. Aitua also has freedom to invest in world class deals wherever they originate. For further information please visit www.aitua.com.
About Probe Scientific Ltd
Probe Scientific Ltd is developing innovative products to solve clinical problems and improve healthcare. The company has a substantial product pipeline based on its proprietary technologies and is seeking to commercialise this range to simultaneously benefit shareholders and the community in general. Probe Scientific Ltd is a private company, founded in 1998 and is based in Bedford, UK.
Probe Scientific has grown steadily since its origins as a research organisation and has recruited experienced senior executives who have been able to move forward to the point of first sales and regulatory approval. For further information see Probe’s website, www.probescientific.com.