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TISSUOMICS raises £620,000 for the development of its innovative tissue diagnostics and imaging technology £620K from Cambridge business angels through GEIF, GEIF Ventures, CREATE and the East of England Co-Investment Fund (COIN) will be used to develop Tissuomics' innovative technology for the diagnosis and imaging of tissue samples - 5 October 2005 TISSUOMICS raises £620,000 for the development of its innovative tissue diagnostics and imaging technology Tissuomics, a medical technology company founded in Cambridge in 2004, has raised £620,000 to develop its innovative technology for the diagnosis and imaging of tissue samples during cancer operations and biopsy procedures. The company made its first investment presentation at the Great Eastern Investment Forum (GEIF) in March 2005. A group of GEIF business angel investors was joined by two Cambridge-based early stage funds: GEIF Ventures (GEIFV) and the East of England Co-investment Fund (COIN), managed by NW Brown Ventures. CREATE Partners subsequently led a follow-on round of investment and joined the earlier investors. The financing was completed in August 2005. Dr Matthew Gaved, CEO of Tissuomics Ltd said: 'These funds will enable Tissuomics to scale and accelerate its research and development programme. The syndicate of investors provides a strong foundation for the company and they share our vision of creating a new modality in cancer diagnostics and imaging. Our goal is to bring to market devices based on our technology which will improve outcomes for cancer patients by providing key information to surgeons when they need it most". Tissuomics was founded by Dr Gaved and Chris Poulton of Added Value Capital Partners and City University, London, where the Company's research group, led by Dr Michael Farquharson, is to be based from January 2006. Andrea Blakesley, former Director of the Great Eastern Investment Forum said: "Tissuomics demonstrated not only groundbreaking technology but also considerable market demand for its business proposition. As a result Tissuomics secured significant investment from a syndicate of GEIF business angel investors." Max Bautin of NW Brown Ventures added: "The need for sub £1 million funding is commonly perceived as falling into the so called equity gap, but this investment in Tissuomics by GEIFV and COIN, together with our syndicate members, being our 15th in just over two years, continues to show there are individual and institutional investors active in this space. We are also delighted that Tissuomics and its team became the first company backed by our new COIN fund." Boyd Mulvey of CREATE said "CREATE is delighted to be backing Dr Matthew Gaved and the entrepreneurial Tissuomics team in a business with great potential. "The Mills & Reeve legal team advising the syndicate on this funding round was led by senior corporate finance solicitor, Zickie Lim, and also included corporate tax partner, Chris Townsend, assisted by solicitor Isabel Pooley. Zickie Lim comments: "We have developed a close working relationship with GEIFV since we were appointed to act for the fund over two years ago, and we are delighted to have had the opportunity to work with them again on this latest important round of early stage funding. Mills & Reeve has also recently been appointed to act for CREATE and we are pleased that our relationship has started so successfully with this investment. Tissuomics will benefit greatly from this funding as it will enable it to develop its technology in this critical field." For further information: Tissuomics: Dr Matthew Gaved Mobile: 07880 50 66 99 email:matthew.gaved@tissuomics.co.uk www.tissuomics.co.uk Tissuomics, which has a research partnership with City University, focuses on the use of its innovative technology in cancer surgery to facilitate the rapid identification of diseased tissue intra-operatively. It is developing a 'CSX' instrument for use by cancer surgeons in operating theatres. Possible applications for the CSX include breast, cervical, prostate, bladder, kidney, liver and colorectal cancer surgery, as well as the immediate assessment of biopsied tissue in pre-operative examinations and outpatient cases. In October 2005, Tissuomics will be relocating its business activities to an innovation centre in an Objective 2 area of Luton, Hertfordshire Great Eastern Investment Forum: Ajay Vohora Direct Line: 01223 720 213 email:ajay.vohora@nwbrown.co.uk GEIF Ventures: Max Bautin Direct: 01223 720 227 email:max.bautin@nwbrown.co.uk www.geifventures.co.uk GEIF Ventures is a £5 million fund within the NW Brown Group established with the commitment by the Small Business Service to co-invest with GEIF business angels into promising businesses. GEIFV is able to invest initially up to £100,000 and, if appropriate, follow up its investment by another £400,000 after 9 months. To date the Fund has invested over £2m into 14 seed and early stage companies.
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