MTI Ventures and Spark back BiOxyDyn with £1.2m

Spark invested from The North West Fund for Biomedical, a sub-fund of The North West Fund, which is jointly financed by the European Regional Development Fund and the European Investment Bank.

MTI committed capital from the UMIP Premier Fund, a £32m fund that backs university spinouts with £250,000-750,000 and follow-on funding of £2-3m.

The fresh funding will allow the company to develop its technology into a diagnostic product.

Previous funding
MTI backed the firm in 2011 with a £650,000 capital injection.

Company
Founded in 2010 as a spin-off from the University of Manchester and based at the Manchester Science Park, BiOxyDyn is a medical imaging company. It has developed technology used alongside an MRI scan to produce higher quality images, particularly of the lungs.

People
Penny Attridge is a senior investment director at Spark and fund manager of The North West Fund for Biomedical. Mark Rahn is an investment partner at MTI.

Advisers
Equity – Laytons Solicitors (Legal).

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