Medical device business Michelson Diagnostics has gone back to its existing investor pool to secure new funds to finance future growth.
The company, which is developing a technology aimed at improving the process of viewing human tissue. Its VivoSight OCT system is used for non-invasive diagnosis and monitoring of particular diseases and conditions.
Kent-based Michelson will be using the proceeds of its new funding round to ramp up sales for its VivoSight product in Germany following a 2011 launch, as well as investing in the development of a more portable ‘second generation’ version. Cash will also be put to work initiating US market access by way of a pilot clinical study, the business says.
Joining Octopus Investments in the transaction are Catapult Venture Managers and London Business Angels, both of which have contributed to previous funding rounds.
More on Octopus Investments:
- Secret Escapes and Zoopla backer invests in Affectv
- Top up capital for Octopus portfolio company Metrasens
- TrialReach adds Octopus to list of investors
Jon Holmes, who has led multiple fundraisings for Michelson and serves as CEO, says that the deal concludes a year in which the company has made ‘real progress’ – especially in Germany.
‘We now look forward to a very promising 2014 which will include the publication of level 1 clinical evidence in the diagnosis of NMSC [non-melanoma skin cancer].’
Michelson says that it is the only company generating level 1 clinical evidence of the value of optical coherence tomography in the diagnosis of NMSC – with interim data ‘very promising’.
Simon Andrews, member of the ventures team at Octopus Investments, comments, ‘The team at Michelson Diagnostics has really impressed us over the past 18 months.
‘The market for non-invasive therapy is developing and we are very pleased to see the promising early results of the multi-centre study which should accelerate the adoption of VivoSight.’
