Eykona Technologies Ltd Raises £1.19m
23rd September 2010
Oxford University Innovation Ltd. welcomes the announcement by Eykona, an Oxford-based medical technology company, that it has completed an investment round of £1.19m. The round, which was over-subscribed, allows Eykona to progress its innovative 3D wound imaging system to launch and beyond.
The financing was led by MTI through the UMIP Premier Fund (UPF) alongside further investment from existing and new shareholders including H2O Venture Partners, Parkwalk EIS Technology Fund 1, Hygea VCT, the London Business Angels Roundtable EIS Fund with three LBA investors and a number of other Angel investors. Technikos LLP remains the largest shareholder.
Eykona Technologies Ltd was spun out through Oxford University Innovation Ltd, the University of Oxford’s wholly-owned technology transfer company in 2007.
Tom Hockaday, MD of Oxford University Innovation, said, “This is an important landmark for Eykona, a company with great technology that meets a real market need. We are delighted to see technology developed by the University of Oxford contributing to improved healthcare and becoming commercially successful.”
Paul Murphy, CEO of Eykona, expressed his thanks to all investors: “We are at an exciting stage with Eykona, we have great clinical support, a strong health economic rationale and huge interest from the wound care community. Allowing clinicians to measure wounds, accurately and repeatably, will help improve outcomes, reduce costs and ensure that patients with serious wounds are treated optimally.”
Stephen Brindle, a partner with Technikos, said; “I am particularly pleased that Eykona has completed this funding so successfully, especially as market conditions remain challenging for most early stage companies. This is testament to Eykona’s management team and their understanding of their technology and its addressable markets. Our preliminary health economic analysis of the benefits of accurate and repeatable wound measurement indicates potential savings of up to £100m per annum for the NHS.”
About Eykona Technologies Ltd.
Eykona is developing and will commercialise hand-held imaging devices for medical markets. The company’s first product will meet a significant and recognised need to objectively measure hard-to-heal wounds. The NHS spends 3% of its total budget managing patients with these wounds, and objective assessment of wound progress is important to improve outcomes and reduce costs. Eykona’s products will use patented 3D imaging technology developed at the University of Oxford. The first product, consisting of proprietary software and a purpose-designed camera, will be launched in Europe and the US next year. It has already attained significant clinical support, and is expected to become the gold standard for clinical assessment and characterisation of wounds. Further applications exist in dermatology, reconstructive surgery and cosmetics.
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