Investment boost for Zilico
Monday 10th August 2015
Zilico Ltd has received further funding from a North West life sciences investor for companies developing cutting edge healthcare technologies.
The North West Fund for Biomedical, managed by SPARK Impact, has topped up five existing investee companies and takes the latest overall figure invested by the fund to more than £27.5m.
The new round of funding means that Manchester-based Zilico Ltd has now received more than £1M from the fund, which will continue to support the commercial roll-out of the company’s cervical cancer diagnostic system, ZedScan.
The system, which improves the accuracy and speed of cervical cancer detection, has already been adopted by Sheffield Teaching Hospitals NHS Trust and will now be rolled out across other hospitals in the UK, Israel, Netherlands, Bahrain, Australia, Canada, France and Germany.
Zilico Chief Executive Sameer Kothari said: “We are delighted to have secured this additional funding, which contributes to a total investment of £1m brought in last year. This will support the roll-out of ZedScan at hospitals across the UK and internationally.”
Speaking about the latest instalment of investments, Dr Penny Attridge, investment director at SPARK Impact said: “The latest round of investments features a real variety of up and coming technologies which are all at various stages of product development and success.
“But what’s clear to see is that each is making a big impact in its respective field - targeting problems such as the need for more accurate diagnosis of cervical cancer.”
The North West Fund for Biomedical is a sub-fund of The North West Fund, a substantial pot of money jointly financed by the European Regional Development Fund and the European Investment Bank and available to invest in small and medium sized businesses in the North West of England to support their start-up, development and growth.
For more information about Zilico please contact:
Martin Webb, tel: +44 77 6641 0194; e-mail: firstname.lastname@example.org
Louise Clancy, email@example.com
0151 705 3416
Active Profile PR agency
Claire Ephgrave Claire.firstname.lastname@example.org
The North West Fund
Lizzie Dibble, email@example.com , 01925 443 767
Notes to editors
The North West Fund for Biomedical and SPARK Impact
The £30m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England.
The North West Fund for Biomedical, which was launched in February 2011, is accessible to a broad range of companies including those developing pharmaceuticals, new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to companies based in, or prepared to relocate to, the North West of England, with 40% of the fund to be invested on Merseyside. The fund has received over 250 applications and made over 50 investments to date. For more information about the fund and how to apply please visit www.thenorthwestfund.co.uk
The North West Fund
The North West Fund is a substantial evergreen investment fund established to provide debt and equity funding (from £25,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission's Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the seven funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by individual fund managers. Each fund manager has a mandate to invest their allocation into the specific product or sector they manage, by 31st December 2015.
The fund managers are under contract with North West Business Finance Limited (NWBF), which is a private, not for profit company, established to oversee the delivery of The North West Fund.
The North West Fund has now invested over £112m in more than 330 businesses. Further funding has also been earmarked to support these businesses as they grow and many more new investments are planned over 2014 and into 2015.
For further information please visit www.thenorthwestfund.co.ukNews