Anaxsys Technology Limited (United Kingdom) - Nov 2007

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01 November 2007

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South East Growth Fund (SEGF), a venture capital fund managed by West Midlands Enterprise Ltd, has led an investment of £1.6m into Anaxsys Technology Ltd, a medical device company, in a third round of funding. SEGF contributed £405,000 to the round, following on from investments in 2004 and 2006 totalling £500,000 and increasing its stake in the company to 31%. The Mercia Technology Seed Fund, also managed by West Midlands Enterprise, and the Advantage Enterprise and Innovation Fund, managed by Catapult Venture Managers, also participated in the round, along with a number of private investors introduced by James Cowper Corporate Finance. The capital will be used in the commercialisation of the company’s new asthma diagnostic and disease management tool, which successfully passed proof of concept clinical trials in early 2006.

Company

Anaxsys is developing a range of devices designed to improve the treatment and management of respiratory diseases. The new device, aimed at improving the treatment and management of asthma, has received favourable feedback from the GP market in comparison with other available products, especially as it can be safely used on both children and the elderly. The company was established in 2002 and has two principal offices - one near Woking in Surrey and the other in Keele.

People

Jason Gould led the transaction for SEGF, while Ray Harris and Mark Payton represented Catapult and Mercia respectively.

Advisers

Company - James & Cowper Newbury, Alastair Cavanagh (Corporate Finance)Company - Ransons Solicitors, Charles Ranson (Legal)Equity - DMH Stallard, James McFarlane, Shakespeare Putsman, Stephen Rogers (Legal)

Sourced from: UK & Ireland unquote" 357 (Nov 2007)