LONDON, Aug. 4 /CNW/ -
- 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.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080804/316330-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20080804/316330-b )
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
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
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.
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For further information:
For further information: Michelson Diagnostics Ltd: Jon Holmes of
Michelson Diagnostics Ltd at firstname.lastname@example.org or call