EDINBURGH, Scotland, March 19, 2012 /PRNewswire/ -- The Edinburgh BioQuarter (www.edinburghbioquarter.com) today announced the launch of i2eye Diagnostics Limited, a company that will deliver the world's first visual field analyzer for patient groups whose visual field was previously impossible to test, including young children and vulnerable adults.
i2eye Diagnostics has signed an agreement with the business investment syndicate Kelvin Capital (www.kelvincapital.com) and others for a significant strategic investment which will enable the company to complete the development of its world-first visual field testing instrument. With this investment, i2eye Diagnostics expects to launch their first product within the next six months.
Existing visual field testing instruments depend on the patient's complete understanding, co-operation and considered feedback and involve keeping the patient's head still, staring at a fixed point for several minutes. Innovative new technology, known as SVOP (Saccadic Vector Optokinetic Perimetry), harnesses the patient's natural reactions to movement and light to analyse their visual field without any need for them to keep still, understand the test or give feedback to the tester. Visual field testing can now be performed on very young children as well as many elderly patients and other groups who could not previously be tested.
The technology behind the i2eye visual field analyser was developed over five years by a clinical research team at the University of Edinburgh consisting of ophthalmologists, neurologists and medical physicists and led by Robert Minns, Professor of Paediatric Neurology. The new company has been formed with a management team working closely with the Business Creation team at Edinburgh BioQuarter.
Peter Estibeiro, i2eye's Chief Executive Officer, said: "Our instrument is a generation ahead of anything else currently on the market and has enormous potential. One of its first applications is in the monitoring and clinical management of children with brain tumors, where it can aid the decision making process potentially leading to a better outcome. The instrument will be on the market from the middle of 2012 and we are already seeing significant interest from leading pediatric medical centers around the world."
The value of the market targeted by i2eye is estimated at $280 million in the United States, with markets of similar potential available in Europe and Asia. The company recently returned from exhibiting at the AAO (American Academy of Ophthalmology) Conference in Florida and experienced significant interest from practitioners and distributors spanning the globe.
Mike Capaldi, Commercialization Director at Edinburgh BioQuarter, said: "i2eye Diagnostics is a world-first product in a solid market with a clear need for this kind of instrument. It's also an excellent example of the cutting-edge research that's being undertaken in Edinburgh, and investors should expect to see more companies like i2eye coming out of the BioQuarter in the months and years ahead."
Scotland is known for its diverse medical technology industry ranging from innovative spinouts from research to profitable multinationals with global operations based in Scotland. Medical technology is the largest and most vibrant sector within Scotland's life sciences business community and home to more than 140 companies employing more than 6,000 people – one in four in Scotland are employed in the life sciences sector.
Scotland offers an easily accessible framework to encourage inward investment in Scotland and support all elements of business growth, from people to premises. A key part of this welcoming structure is Scottish Development International (SDI) (http://ow.ly/9JXsq) which helps investors tap into Scotland's capabilities in research and commerce. SDI can open doors to a huge range of opportunities in funding, new technology, R&D and training.
"Scotland is committed to attracting, nurturing and supporting innovation in healthcare and life sciences. i2eye Diagnostics is an excellent example of a pioneering technology, which is being commercialized to bring real benefits to patients. We are determined to continue to create an environment where medtech companies can prosper and become leaders in their field," added Carol Beattie, International Senior Manager, Life Sciences, Scottish Development International.
For more information, video or photography, contact James Wood: 07834 288 899, email: [email protected]
SOURCE Edinburgh BioQuarter