How the fund has supported Micrima
Bristol based Micrima is pioneering the development of radiowave radar technologies with a primary interest in improving the screening for breast cancer. The company’s patented techniques are aimed at enabling breast screening to become safer, more convenient and more accessible as well as being more economically viable in an increased number of countries.
In autumn 2012 the CoFund completed the final close its initial investment in to Micrima alongside a large group of angel investors. Although the company had previously received backing from VC funds YFM and Swarraton Partners, the CoFund invested alongside a group of angel investors who were investing the company of the first time. The lead investor for the CoFund had a prior background in medical imaging and was able to provide a detailed assessment of both the risks and the opportunity for investors.
The c£1.3M all equity round was EIS compatible for angel investors and ensured the company had sufficient capital to further develop the product and extend on-going medical trials. The CoFund’s lead investor joined the Board of the company as a non-executive Director, to add invaluable market and technology knowledge.
On closing the investment Micrima executive Chairman Roy Johnson said: “With support from the CoFund we are delighted to have been able to raise our maximum target for this round and will now move up the gears on multiple fronts en route to developing our first product.”
Since investment the Micrima has pushed forward successfully with development and in summer 2013 company announced that it had secured £2M in funding from Toshiba Corp (TYO: 6502) to secure distribution as well as to further develop the product and extend trials.