YFM Group & Swarraton Partners co-lead £2 million investment in Micrima to develop new imaging technology for breast screening
Bristol-based Micrima, which is developing radio wave technology to improve detection of breast cancer, has secured £2 million of investment from a syndicate of co-investors led by YFM Group and Swarraton Partners. Existing investor NESTA also participated in the funding round. The YFM Group investment was made from the South West Ventures Fund and Finance South West Growth Fund.
Micrima, a spin-out from the University of Bristol, is developing a breast imaging system that captures high-resolution, 3D images through the use of harmless radio waves. The system is called MARIA - Multistatic Array processing for Radiowave Image Acquisition.
Breast cancer is the most common cause of death for women aged between 35 and 59 in the EU1. For various reasons the under-50s are not routinely screened. Micrima’s technology has the potential to offer several advantages over existing primary screening technology, which encounters difficulties in imaging the dense tissue associated with this younger age group. MARIA promises to provide better images in such tissue, and is also relatively inexpensive, intrinsically safe, and comfortable for the patient.
The implications of this safe new technology are far-reaching, particularly as the compact size and low cost of the MARIA system will make it ideal for use in numerous alternative locations such as GP surgeries, diagnostic centres and mobile screening units.
Initial blind trials with volunteers have shown MARIA to compare very well with current X-ray technology, correctly identifying all participants with anomalies and ‘clearing’ all healthy volunteers.
The initial investment will fund on-going technical development and further clinical trials at the Frenchay Hospital’s Breast Clinic in Bristol. Clinical work will then be extended to include women from other leading centres around the UK.
Roy Johnson, Executive Chairman of Micrima, said: “The new 3D breast screening platform under development aims to be safer, more convenient, and more economically viable in a greater number of countries, in addition to providing a practical solution to screening women below the age of 50. We are very pleased that, following our successful pilot clinical study, we have been able to attract this new funding from such a valued and committed group of investors.”
“We are looking forward to generating data from the larger clinical trial that is now required to further prove the technology and its inherent benefits.”
Nick Simmonds, Investment Manager at YFM Group, manager of the South West Ventures Fund, said: “This exciting new technology has the potential to fundamentally change the way in which breast screening is provided, as well as opening up the service for the first time to younger women.”
Stephen Brooke of Swarraton said: “We are excited to be backing the Micrima team and a technology that has shown great promise to date and has the potential to reduce suffering from breast cancer across the world.”
ENDS
1. European Commission Eurostat
NOTES TO EDITORS:
YFM Group - South West Ventures Fund
The YFM Group managed South West Ventures Fund is a £21m fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £330,000 with an ability to invest a further £330,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £9.5m in 29 companies.
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 45 investment professionals being employed across the UK.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk
MEDIA ENQUIRIES:
To arrange an interview with South West Ventures Fund, please contact Matt Anderson or Hannah Roberts at Montage Communications on 0845 644 5404 / 07872 399 767 or email hannah@montagecomms.com
Finance South West
Finance South West is an £18 million investment fund that can provide commercial finance from £10,000 up to £1 million for buying, starting or growing a business in the Objective Two area of the South West. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals. The Finance South West Loan Fund has invested over £3 million in 58 small and medium-sized businesses, levering more than £4.5 million into the South West economy, safeguarding 160 jobs and creating 98. The Finance South West Growth Fund has invested a total of £4.1 million in nine companies, levering £13.7 million into the economy, creating or safeguarding 160 jobs.
Finance South West is part funded by the EU through the Objective Two Programme for the South West and is an £18m venture investment fund targeting small and medium sized enterprises in this region with a range of equity, mezzanine and debt capital.
Finance Cornwall Fund Managers Limited is an investment company authorised and regulated by the Financial Services Authority registered in England and Wales, number 05010380, registered address 14 High Cross, Truro, Cornwall, TR1 2AJ.
For further information visit: www.financesouthwest.co.uk
Swarraton Partners
Swarraton Partners is a venture capital firm investing in European early stage technology companies based on world class IP.
Micrima
Micrima is commercialising the work of academics associated with the Department of Electrical and Electronic Engineering at the University of Bristol. Micrima is delivering radio wave radar technology for detecting breast cancer. The technology is non-invasive, non-ionising and inexpensive. Early stage seed funding was provided by the University of Bristol’s Enterprise Development Fund, NESTA and others.
Micrima are based in the Bristol SETsquared Business Acceleration Centre. The Centre, one of five in the South and South-West of England, is part of the SETsquared Partnership, the enterprise collaboration of the Universities of Bath, Bristol, Southampton and Surrey. Together they support early-stage, high growth-potential science and technology Ventures from both within and outside the Universities to accelerate their businesses.
For further information, contact Roy Johnson on +44 (0) 1494 890397 or email info@micrima.com.
NESTA
NESTA is the National Endowment for Science, Technology & the Arts. With endowed funds of over £300 million, our mission is to transform the UK’s capacity for innovation. We do this in three main ways: by working to build a more pervasive culture of innovation in this country; by providing innovators with access to early stage capital; and by driving forward research into innovation, with a view to influencing policy.
NESTA spokespeople are available for comment and interview. Please contact our press office on +44 (0) 2074382608 or +44 (0) 2074382643
The University of Bristol
The University of Bristol is committed to combining its excellence in research and innovation with a vibrant enterprise culture. The University is working with government, industry and other partner organisations to encourage the growth of knowledge based businesses in the South West. In particular, Bristol has joined forces with the Universities of Bath, Southampton and Surrey to establish the SETsquared Partnership to encourage enterprise, build new businesses and work more effectively with industry. As research-intensive universities, these enterprise activities derive from their research base, although support is also available to entrepreneurs from outside the universities. With a combined research staff of 6,400 and research budget of £266 million, the resulting contribution to the UK ‘knowledge economy’ is far greater than could be achieved individually.
http://www.bristol.ac.uk/research