Lung imaging technology attracts UPF investment

The UMIP Premier Fund has invested an undisclosed amount in University of Manchester medical technology spin-out BiOxyDyn.

The company, based in the unviersity's Core Technology Facility, has developed an innovative new approach to 3D lung imaging.

It uses an enhanced form of magnetic resonance imaging which exposes the patient to zero radiation compared to a CT scan, where the dose can be the equivalent of up to 100 chest x-rays.

BiOxyDyn hopes that this will play a major role in the diagnosis and monitoring of two prominent conditions, chronic obstructive pulmonary disease (COPD) and asthma.

COPD is projected to become the 4th leading cause of death worldwide by 2030 , while asthma affects 6.5 per cent of the British population.

The investment is managed by Watford-based MTI Partners, which runs the UMIP Premier Fund. In January it invested £250,000 in Ai2, another University of Manchester spin-out.

BiOxyDyn is in talks with a major pharmaceutical company which has recognised the benefits of reliable imaging technology in improved monitoring of the effect of new drugs in clinical trials.

MTI'S Mark Rahn said: “We're delighted to have completed the investment in BiOxyDyn. It's clear that the USP's of their product will prove instantly attractive to the market as high quality lung imaging is currently very poorly served and lung diseases and disorders are so commonplace.”

“We're also pleased to have managed another med-tech investment in a University of Manchester spin-out, further highlighting its status as a leader in that field.”

Prof. Geoff Parker, one of BiOxyDyn's directors, said: “Although we can't go public on the exact size of this deal, the timing of the investment couldn't be better. There currently simply isn't an inexpensive or practical 3D lung imaging technique available that can capture the structure and function of the lung, so we feel we've got something the market will want quickly.”

Prof. Parker continues: “We've had some exciting interest from a major pharmaceutical player, so the race is on to continue developing our products and engage with the market.”

The UMIP Premier Fund makes late-seed stage investments, in a total of 15 - 20 companies, initially in the £250,000 to £750,000 range, with a view to following up with a further investment of up to £3m.