£25M North West Fund for Biomedical announces first two investment deals

Two North West companies have received investments from the £25m North West Fund for Biomedical. Aventé Medical Products Ltd, which is in the process relocating to Liverpool, and Daresbury-based TopCat Research, have each secured £50,000 Pathfinder Investments from the Fund. The £25m North West Fund for Biomedical is run by early-stage venture capital firm SPARK Impact and is part of the £185m evergreen fund provided by the European Investment Bank (EIB) and European Regional Development Fund (ERDF), to supply debt and equity funding to small and medium sized enterprises in the North West of England.

Aventé Medical Products Ltd, established in May 2011, has ambitious plans to develop a range of high-quality, cost-effective, single-use medical devices for which they have already received positive encouragement from both the NHS and private healthcare purchasers. The £50K Pathfinder Investment will be used to consolidate the company’s intellectual property position, complete an independent market survey and finalise product design in preparation for manufacture.

TopCat Research, based in Daresbury, Cheshire, is developing costeffective immunoassay-based diagnostic tests for the pharmaceutical, environmental and food markets. The £50K Pathfinder Investment will be used to take its first diagnostic kit from R&D to prototype stage.

Dr Penny Attridge, Senior Investment Director at SPARK Impact and manager of the Fund, said: “We are pleased to announce the first two investments for the £25m North West Fund for Biomedical. Both Aventé Medical Products Ltd and TopCat Research are addressing clear market needs and will be closely supported by the SPARK Impact investment team to fulfill their commercial potential.”

A spokesperson for Aventé Medical Products Ltd, said: “The directors and shareholders of Aventé Medical Products are delighted with the financial backing they have received from The North West Fund for Biomedical, which is managed by SPARK Impact Ltd, who have been extremely supportive during the funding process.”

Anthony Cope, director of TopCat Research Ltd, launched in April 2010, said: “We believe immunoassay-based diagnostic tests are a growth area, and this investment will enable the company to develop its proprietary system to capitalise on this market potential.” There has been enormous interest in the £25m North West Fund for Biomedical. SPARK Impact has already received over 100 applications to date.

Andy Leach, Chief Executive Officer of North West Business Finance, said: “I’m delighted that The North West Fund for Biomedical is officially out of the blocks with two exciting investment opportunities. We have been enthused by the quality and variety of the biomedical companies applying to The North West Fund. Both Avente Medical Products Ltd and Topcat Research appear to have great potential. I am delighted that the North West Fund for Biomedical has secured an opportunity to help prove that potential for the benefit of the region.”

David Malpass, Director of European Programme, ERDF said: “The North West is one of a handful of globally recognised bioscience communities, as well as being Europe’s biggest biomanufacturing region. Congratulations to Aventé Medical Products Ltd and Topcat Research on their recent investments, which will go towards growing the sector further.”