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QMB Innovation Centre Article in Mail on Sunday
QMB's Investment Forum Makes the Headlines
Document: Mail on Sunday Newspaper Article QMB Investment Forum (1254 kb)
Document: Biotech Hopefuls at QMB Investment Forum (1825 kb)
Helen Loveless, 9th October, Mail on Sunday
http://www.dailymail.co.uk/money/news/article-2047326/Biotech-hopefuls-given-chance-pitch-investment.html
EARLY-stage companies in the biotechnology and medical technology sectors were last week given the chance to pitch for investment from more than 20 venture capital companies.
The first annual Biotechnology Investment Forum was set up by Queen Mary Innovation, part of Queen Mary University, and held at the Queen Mary Bioenterprises Innovation Centre in east London.
The event was aimed at helping to bridge the funding gap for private early stage companies in the biotechnology industry by putting firms in touch with potential investors, as well as provide a networking forum.
Twelve businesses made a pitch for investment, with sums ranging from £500,000 to £5 million being sought. Andy Hill is chief executive of Intelligent Ultrasound, itself a medical technology spinout from the University of Oxford. The company has developed a range of software which significantly improves the quality and accuracy of medical ultrasound scans.
About a third of patients can’t be diagnosed using conventional ultrasound, as the images do not always show where there are problems. The software will allow multiple scans to be combined to give a single image which covers all angles. According to Hill, the software will help hospitals to reduce the risk of incorrect diagnoses and cut costs, by reducing the need for further expensive scans or biopsies.
Hill was at the event to pitch for £750,000 worth of funding, in order to bring their ‘first group of products’ to the market. To date business angels and small funds have committed to provide about £500,000 worth of funding.
Hill says: ‘Our first group of products are close to bringing to market. We expect to generate revenue at the end of the first year and to be cash positive within 14 or 15 months of bringing to market. There is a huge potential market out there.’
Despite an impressive pitch Hill believes they are ‘unlikely’ to receive investment from any of the VC firms at the event, but says it was still a valuable experience.
‘I think the VC companies there were really looking to invest in bigger firms than us, but the event was very useful in terms of networking. As we are in fundraising mode at the moment, it is always good to check out the opportunities wherever they might be.’
See the online article here:
http://www.dailymail.co.uk/money/news/article-2047326/Biotech-hopefuls-given-chance-pitch-investment.html