Medibord Ltd, a BioCity Nottingham, UK-based medical technology company that designs and manufactures patient positioning boards for use in MRI scanners and radiotherapy treatments, has received a £75,000 investment from Mobius Life Sciences Fund.
The investment in Medibord is in the form of equity and debt, with the debt component being provided through Mobius Life Science’s collaboration with Nottingham City Council. The Mobius Life Sciences Fund is the Midlands region investment vehicle dedicated to the life sciences sector. Mobius provides seed level equity investment into early stage bioscience, pharmaceutical, medical technology and healthcare businesses.
The company’s first product is a radio-translucent, MR compatible composite which was developed in response to oncologists’ need for greater treatment accuracy, especially for prostate cancer. With positive feedback from UK users, the company is planning to expand sales into the Middle East, followed by the United States and European markets.
In conjunction with the funding, Chairman of the Mobius Life Sciences Fund, Lucy P. Marcus, will join Medibord’s board as a non-executive Director.
Commenting on the funding, Medibord CEO Jonathan Richards was quoted as saying: “Mobius will help build our credibility and bolster our ability to move further and faster with our research and development, and will enable us to look beyond the UK market much sooner than we anticipated”.
FinSMEs
09/08/2010