University of Manchester (UoM) spin-out company, BiOxyDyn, has secured a £650,000 investment from technology investment specialists MTI Partners (MTI), through its UMIP Premier Fund (UPF).
BiOxyDyn, only established in 2010, has also secured nearly £500,000 of orders for its unique services from leading global pharmaceutical companies, bringing its total income to in-excess of £1m.
Established by UMIP, through its award winning technology-transfer and business-incubation process, BiOxyDyn has launched two medical imaging services to the clinical trials market; Dynamic Contrast Enhanced – Magnetic Resonance Imaging (DCE-MRI), and Oxygen Enhanced MRI (OE-MRI).DCE-MRI provides improved insight into inflammatory diseases and oncology, whilst the OE-MRI platform, with its unique method of imaging the lung, gives the ability to characterise, stratify and monitor COPD, asthma and other respiratory conditions during drug trials.
BiOxyDyn has plans to reconfigure their service platforms as software products, providing compatibility with existing MRI scanners, bringing benefits to millions of COPD and Asthma sufferers around the world.
The Company’s founder, Professor Geoff Parker, from the UoM’s School of Medicine and a world leader in the field of medical imaging, said: “We are already regularly invited to discuss contributing to major drug trials studies around the world, our services look set to make a major contribution, particularly in the field of respiratory medicine.”
Dr Mark Rahn, MTI’s Investment Partner responsible for BiOxyDyn, commented: “The best form of income for any start-up company is that from sales, and our investment proves that with the right approach and management team, rapid commercial uptake is possible for a new university spin-out.” Dr Rahn added: “BiOxyDyn is now well placed to capitalise on opportunities in the global medical imaging service industry. But the real prize is the diagnostic imaging product business, and to achieve this we are seeking co-investors to give the company all the firepower it needs.”