Michelson Diagnostics (United Kingdom) - Oct 2007

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01 October 2007

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London Seed Capital (LSC) has led a £600,000 pre-series-A round of funding into Michelson Diagnostics, developers of pioneering optical technology designed specifically for use during cancer operations. The deal sees LSC take a significant minority stake in the company. LSC invested £100,000 in the round, with further contributions coming from Catapult Venture Managers, who invested £250,000, and London Business Angels. LSC was initially approached by the company early last year, but the investors decided that it was not ready for investment. Following further development of the technology, LSC arranged for Michelson to present to the London Business Angels network in March this year, and, after receiving successful results to ex-vivo clinical trials in July, the investment was finalised. The new capital will be used to produce a prototype machine for in-vivo trials, with LSC expecting to contribute to a further round of financing to fund commercialisation of the product in the next 12 months.

Company

Michelson Diagnostics is developing Optical Coherent Tomography technology, which allows clinicians to see the location and extent of a tumour during an operation in real time. It has applications across a wide range of cancer types and has the potential to enable faster and more accurate surgical procedures, reducing the chances of readmission. The company, based in Orpington, Kent, was founded in 2006 and currently employs five full-time staff members in addition to consultants.

People

Robert Desborough led the transaction for LSC. Tom Flynn has been appointed by LSC and London Business Angels as a representative on the Michelson board.

Sourced from: unquote unquote" 356 (Nov 2007)