MDL Receives GBP600k in New Funding Round for World-Beating Cancer Diagnosis and Treatment Device

Tuesday, August 5, 2008 General News
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LONDON, August 4

- With Photos

Successful results and growing sales of Michelson Diagnostics Ltd's (MDL)Optical Coherence Technology (OCT) systems have encouraged investors to placea further GBP600K into the business to help develop the in vivo technology.The capital injection forms part of a new funding round of almost GBP600kinto pioneering MDL, with Catapult Venture Managers investing a furtherGBP250k, London Seed Capital a further GBP50k and the balance of the moneycoming from private investors. The money will be used to complete developmentof its hand-held OCT probe for applications in cancer diagnosis and treatment.

The device uses OCT to provide real-time images of sub-surface tissue atnear-cellular resolution without tissue removal - an 'optical biopsy'. Thecompany's breakthrough '4-beam' optics provides crisp, clear OCT images atunprecedented resolution, a capability already proven in extensive tests ontissue at leading cancer research centres.

"We are very excited about the breakthrough in image quality that thissystem offers," said Mr Colin Hopper, Senior Maxillofacial Surgeon atUniversity College Hospital, London. He added "OCT could revolutionise thesurveillance of pre-cancers in the mouth and eliminate the waiting time forbiopsy results. It should also minimise surgery through improved diseasemapping. This will provide cost effective treatments with improved curerates".

MDL received early stage funding of GBP600k in October 2007, with GBP250kcoming from Catapult and the remaining financial backing coming from LondonSeed Capital and London Business Angels.

Robin Jones, Director of Catapult Venture Managers commenting on thefunding said: "Since our initial investment, MDL has successfully built andtrialled a prototype in-vivo machine. The company's ex-vivo product has beenclinically validated in Gloucester Royal Hospital and University CollegeHospital on cervical, oesophageal and oral cancer tissues. Several sales havebeen made, including to University College Hospital, Sheffield University andthe National Physical Laboratory. Tenders for machines are out with a numberof hospitals and universities," he said.

MDL, which has offices in Kent and the West Midlands, was founded in 2006by Jon Holmes and four other ex-employees of Sira, the photonicsinstrumentation company.

Its innovative, next generation imaging technology, addresses the keyneed for clinicians to see, during an operation and in real time, thelocation and extent of a tumour, for a range of cancer types. It isanticipated that the equipment will enable faster, more accurate cancersurgery, with major benefits for both the patient and clinician - removingthe slow, painstaking process of taking multiple samples of tissue foranalysis.

Jon Holmes, CEO of MDL, said: "This funding will enable the company tobring new OCT products to market and to demonstrate their potential to solvesignificant unmet medical needs in multi-billion pound markets worldwide. Weare tremendously excited by the confidence shown in Michelson Diagnostics byour investors, Catapult Venture Managers, London Seed Capital (LSC), andLondon Business Angels"

Notes to Editors:

Michelson Diagnostics Ltd

Michelson Diagnostics Ltd is the UK's leading independent manufacturerand developer of Optical Coherence Tomography medical imaging equipment.Founded in 2006, it is based in SE London, UK.

Pictures accompanying this release are available through the PAPhotowire. They can be downloaded from orviewed at or ) (Photo: )

SOURCE Michelson Diagnostics Ltd

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