Medical gadget enterprise IQ Endoscopes has secured a £5.2 million funding in a spherical led by BGF – one of many largest and most skilled traders within the UK and Eire – alongside current investor the Growth Financial institution of Wales and a consortium of traders.
The funding will assist to assist the event and roll-out of IQ Endoscope’s ground-breaking medical gadget which has the potential to revolutionise the early prognosis of a variety of cancers and different gastro-intestinal circumstances.
Based mostly in Chepstow, South Wales, IQ Endoscopes has created a single-use endoscopy gadget which isn’t solely price efficient and scalable but additionally sustainable.
GROWING PLACES – IQ Endoscopes co-founder and CTO Andrew Miller (entrance left) and CEO Matt Ginn (entrance proper) with members of their crew on the medical gadget firm’s Chepstow HQ
The corporate was just lately supported with grant from Cardiff and Vale Well being Board, and obtained backing from the Cardiff Capital Area Problem Fund to create a brand new recycling technique for the product
IQ Endoscopes’ expertise leverages the complementary expertise of its founders; Dr Patrick Ward-Sales space brings over 40 years of medical expertise within the endoscopy subject, whereas CTO Andrew Miller has a background in automotive engineering that has been utilized to the design and manufacturing of the corporate’s merchandise.
The enterprise, which was launched in 2017 has raised £5.9 million thus far, with seed funding and subsequent funding raised from traders together with the Growth Financial institution of Wales. IQ Endoscopes has undergone fast acceleration during the last 5 years and funds from this newest spherical might be targeted on market entry technique forward of product launch.
World volumes of endoscopy procedures are forecast to develop to 130 million by 2026, pushed by elements akin to an ageing inhabitants mixed with a rising variety of surgical strategies that may now be carried out through endoscopy. New steerage recommending elevated early screening for ailments akin to colorectal most cancers (to start at age 45 quite than age 50) has additionally come at a time when the results of the pandemic are nonetheless being felt within the type of a major backlog of sufferers ready for endoscopy care.
Of the 70 million endoscopy procedures at present accomplished annually, 98% are carried out with reusable units which require decontamination and reprocessing after every use, which is each expensive and reduces affected person capability, in addition to posing the chance of cross contamination. IQ Endoscopes goals so as to add a lot wanted capability and suppleness to assist the healthcare system meet affected person demand.
Matt Ginn, CEO at IQ Endoscopes, commented:
“Regulatory our bodies such because the FDA are more and more encouraging single use endoscopes as a method of enhancing affected person security and guaranteeing the early detection of GI ailments. Single use endoscopes not solely eradicate all risk of cross contamination between procedures, but additionally enhance throughput of sufferers and permit higher entry to remedy on a worldwide scale.”
“This newest monetary backing will enable us to carry our disruptive expertise to market, making it out there to sufferers present process important therapies and procedures as quickly as potential. Moreover, we will proceed our organisational enlargement in South Wales and guarantee we scale the organisation according to commercialisation plans”
Tim Rea, investor at BGF, stated:
“This was an thrilling alternative to again an early-stage medical gadget enterprise with a very revolutionary expertise that has the potential to make a major constructive affect on a strained space of the healthcare system.
“The crew at IQ Endoscopes are extraordinarily dedicated to enhancing outcomes for sufferers and healthcare suppliers the world over. This funding will allow IQ Endoscopes to finish its remaining developmental milestones in opposition to a transparent roadmap in direction of its subsequent stage of development.”
Dr Richard Thompson, Senior Funding Govt on the Growth Financial institution of Wales, stated:
“Matt Ginn and the crew at IQ Endoscopes have made spectacular progress. As a PhD supplies scientist, I’ve been significantly impressed on the high quality of the merchandise the crew has developed.
“As an preliminary investor into IQ Endoscopes, we’re delighted to see the progress they’ve made, and to have made a second med-tech fairness co-investment with the ventures crew at BGF, growing our stake on this thrilling firm.”
