Thursday 25th August 2011 -- The £25m North West Fund for Biomedical has made its first investment in the telemedical sector.
Merseyside start-up company Med ePad, based in Liverpool Science Park, has secured a £50K Pathfinder Investment from the Fund, run by early-stage venture capital firm SPARK Impact.
The North West Fund for Biomedical is a sub-fund of the £185m evergreen The North West Fund that is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB).
Med ePad has developed a cost-effective interactive touch screen mobile internet device for healthcare service providers, aimed at improving the efficiency of treatment and empowering patients to better manage their self-care.
The 7-inch tablet has been designed to come loaded with condition specific apps created in conjunction with NHS healthcare professionals.
Its vast array of functions include the ability to record medication regimes and daily living patterns, send appointment reminders, conduct online consultations and access specific information relating to a particular condition, and where appropriate in the language of the patients choice.
There are around 15 million long term condition sufferers in the UK. Med ePad would be a huge benefit for many of them by assisting in the delivery of better patient care and outcomes, as well as increasing productivity and reducing waste and resource at a time of austerity within the Health Service.
The £50K Pathfinder investment from The North West Fund for Biomedical will be used to fund the development of initial apps and run a number of real trials with healthcare services in both primary and secondary care.
Rob Connell, Med ePad founder and chief technical officer, said: “I am very grateful to SPARK Impact for both their £50k investment and believing in Med ePad and I am looking forward to being able to develop a range of efficiency and patient benefiting applications, and can’t wait to see them being used in real trials on the Med ePad across the region.”
Dr Penny Attridge, Senior Investment Director at SPARK Impact and manager of The North West Fund for Biomedical, said: “We are very excited to be investing in the telemedicine space with Med ePad. This is a sector we feel is ripe for growth and expansion. The adoption of digital, wireless and handheld devices to improve communication and efficiency is really only in its infancy; but we hope Med ePad can help to change this.”
For SPARK Impact / NWF4B: Louise Clancy @ SPARK Impact (0151 705 3416)
For The North West Fund: Alastair Henry @ MC2 (0161 236 1352)
The North West Fund
The North West Fund is a £185m evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The Fund addresses an identified gap in the lending, venture capital and private equity markets.
The North West Fund is financed by the European Regional Development Fund and the European Investment Bank (EIB) under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
North West Business Finance Ltd (NWBF) is a private, not for profit, company, established to oversee the delivery of The North West Fund.
About The North West Fund for Biomedical
The £25m North West Fund for Biomedical is part of the £185m evergreen fund provided by the European Investment Bank (EIB) and European Regional Development Fund (ERDF), to supply debt and equity funding to small and medium sized enterprises in the North West of England.
The £25m North West Fund for Biomedical was launched in February 2011 and has received over 100 applications to date.
Five companies operating across the very wide and diverse biomedical sector have so far received investment from the North West Fund for Biomedical.
The Fund 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 biomedical companies based in, or prepared to relocate, to the North West of England.
For more information about the fund and how to apply visit www.thenorthwestfund.co.uk
SPARK Impact is located within Liverpool Science Park
