Celtic Pharma invests in Loughborough University spin-out

Investment

Celtic Pharma Holdings Advisors LLP has closed the first investment from its second fund, taking a majority position in Dialog Devices Ltd, a spin-out from Loughborough University. The company has developed a non-invasive diagnostic test for Peripheral Arterial Disease. The existing investors followed on.

Dialog’s instrument uses natural light from opto-electronics to see below the surface of the skin, enabling early identification of blood circulation problems. This eliminates discomfort for patients, and can be operated with minimal training, making the device ideal for use in primary care.

The company’s first product, the Peripheral Arterial Disease Diagnostic device, has already been evaluated by the UK Department of Health as part of a competitive grant process, and was awarded a substantial development grant.

John Mayo, Managing Partner of Celtic, said, “We are pleased to have completed the investment in Dialog Devices. Most CP2 investments will be focused on pharmaceuticals, but Dialog Devices Ltd represents a strong investment opportunity in diagnostic devices.  It is working in an area of high medical need and the results of the test will provide physicians with clear guidance as to whether to treat a patient or not, hopefully leading to the prevention of a heart attack or stroke.”