Lightpoint Medical Closes Seed Funding Round Led by Oxford Technology Management
RICKMANSWORTH, England, June 25, 2013 /PRNewswire/ --
Lightpoint Medical Ltd, a developer of innovative imaging technologies for cancer surgery, announced today that the company has secured £175,000 ($270,000) in seed funding from an investment syndicate led by Oxford Technology Management. Also participating in the investment round were Oxford Early Investments, Minerva - The University of Warwick Science Park Business Angel Network, the Wroxall Investors Group, and additional Angel investors.
Founded in 2012, Lightpoint Medical is developing a novel molecular imaging technology to help surgeons detect cancer in real time during surgery. Real-time imaging of cancer during surgery has the potential to reduce the likelihood of cancer recurrence while sparing healthy tissue.
"We are delighted to have secured funding from this syndicate of experienced investors. This funding will accelerate development of our devices for clinical trials, and augment our grant funding from the Technology Strategy Board," said Dr David Tuch, Founder and CEO of Lightpoint Medical.
Andrea Mica, Director of Oxford Technology Management, commented: "At Oxford Technology we quickly made the decision to support Lightpoint Medical. The company is addressing an urgent and important problem in cancer surgery, and making an innovative technology usable in clinical practice. The founder's energy, expertise and focus on end-users give us confidence that Lightpoint's technology will enable surgeons to improve patient outcomes."
Eileen Modral, Manager of Oxford Early Investments, said: "We congratulate David Tuch and the management team on their remarkable progress in a short period of time. We were pleased to help Lightpoint Medical raise the crucial funding they need to progress the development of their innovative technology which has the potential to benefit many thousands of cancer patients."
About Lightpoint Medical
Lightpoint Medical is a medical device start-up seeking to improve health outcomes for cancer patients through image-guided surgery. The company's molecular imaging technology, based on Cerenkov luminescence imaging, has the potential to detect cancer in real-time during surgery, providing more accurate cancer treatment while sparing healthy tissue. For more information contact firstname.lastname@example.org or visit http://www.lightpointmedical.com
About Oxford Technology Management
Oxford Technology Management Ltd is a seed and early stage venture fund manager, specialising in UK based technology investments. Since 1983, the company has managed a series of ten funds, including the four Oxford Technology VCTs and, most recently, the £30m Oxford Technology Enterprise Capital Trust LP. Oxford Technology Management is authorised and regulated by the Financial Services Authority. For more information visit http://www.oxfordtechnology.com
About Oxford Early Investments
Founded in 2004, Oxford Early Investments (OEI) is a business angel network that helps early stage companies raise funding from £50,000 to £250,000 by matching them with business angel investors who often provide management input as well as capital. OEI holds monthly investment meetings, where companies from across the UK pitch their business proposals to OEI's investor members. OEI has two successful sister networks. Oxford Investment Opportunity Network links investors with technology companies seeking funding of up to £2 million. Thames Valley Investment Network links investors in Reading and the Thames Valley with companies in the general technology, media and green tech sectors seeking funding from £150,000 to £750,000. OEI is sponsored by Manches, Dehns, Richardsons and the Harwell Campus Programme. For more information: http://www.oxei.co.uk
SOURCE Lightpoint Medical