Molecular Vision Limited, a spin-out of Imperial College active in the commercialisation of a novel disposable, quantitative electronic point of care diagnostic system, announces that Imperial Innovations (AIM: IVO, "Imperial Innovations"), a leading technology commercialisation and investment company, has increased its stake in the Company, committing a further £750,000 of investment.
The Company is also pleased to announce the appointment of Dr Chris Hand as Chief Executive Officer with immediate effect. The appointment serves to strengthen the management as the Company moves towards the commercialisation of BioLED, its novel patented detection technology, which focuses on low cost diagnostic tests in a miniaturised, easy-to-use, disposable format. BioLED can simultaneously test for multiple diagnostic markers using multiple signal methods in the same device. Techniques have been developed at Molecular Vision which will enable comprehensive testing for cardiovascular, renal and other diseases.
Dr Hand has over 20 years’ experience in the medical diagnostics market. He was previously the CEO of Cozart plc, which he co-founded in 1993 with £30,000. In 2001 he led a successful VC fundraising and floated the Company on AIM in 2004 at a valuation of c£30m. In October 2007 he led the sale of the Company to Concateno plc for £65 million. He remained a non-executive director of Concateno until its acquisition by Inverness Medical Innovations in August 2009.
“The Company is extremely pleased to gain additional funding from Imperial Innovations as we move towards commercialisation of BioLED, our quantitative, disposable, point of care device,” said Peter Woodford, Chairman of Molecular Vision: “Furthermore, we are delighted to appoint someone of Dr Chris Hand’s calibre. He brings a wealth of operational expertise and his experience of building a small, innovative business into a multimillion pound company will be invaluable as he drives the Company’s commercial strategy forward.”
Dr Hand commented: “I am impressed by the strength of the team at Molecular Vision and pleased to increase my involvement at this exciting time. Early detection is crucial for improved treatment and saving lives. I believe BioLED is a disruptive technology that will significantly improve patients’ quality of life and has the potential to become a routine tool in general practice.”
Dr Hand is a director of Abingdon Health Ltd and Alta Bioscience Ltd and is Chairman of Bioscience Ventures Limited, a joint venture in medical diagnostics between Abingdon Health and the University of Birmingham, Dr Hand has a DPhil in biochemistry from Oxford University.
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