Lumicure secures a £2.5 million funding round
Lumicure Limited (Lumicure), St Andrews, Fife, a leading developer of ambulatory light sources for skin treatment has raised £2.5 million in a recent equity funding round. The financing syndicate was led by Longbow Capital LLP (Longbow) who with their private client Portfolio Service, and the Scottish Venture Fund, is providing the funds for Lumicure's expansion. Longbow is a leading Venture Capital company specialising in the Consumer Healthcare and Life Science sector.
Lumicure's founders have invented a light-emitting "sticking plaster" which will revolutionise the treatment of skin cancer. The original work was carried out by Professor Ifor Samuel at the University of St Andrews and Professor James Ferguson at Ninewells Hospital, NHS Tayside, Dundee. St Andrews University and NHS Tayside (via Scottish Health Innovations Ltd) are shareholders in Lumicure.
Lumicure's product uses the latest organic light emitting polymer (OLEDs) technology powered by simple pocket batteries. These are worn by the patient in a similar way to a sticking plaster, while the battery is carried like an iPod. This new device, which builds on established photodynamic therapy treatment (PDT) methods, reduces pain and gives the patient the convenience of being treated at GP surgeries or at home rather than at hospital.
Robin Finlayson, Partner at Longbow said, "We are delighted to have the opportunity to support Lumicure. Not only does Lumicure's product have major advantages in skin cancer but we believe their technology has broad potential in a range of skin treatments. Much of our investment is sourced from our private client Portfolio Service which illustrates how effective the Enterprise Investment Scheme (EIS) can be in attracting support from private investors for growing businesses like Lumicure."
Commenting on the fundraising, Ian Muirhead, CEO of Lumicure, said, "We are delighted to have Longbow and the Scottish Venture Fund as lead investors in Lumicure. We have an excellent product and this investment will allow us to take the medical device for skin cancer through regulatory trials and develop products to expand into other medical and cosmetic applications. Longbow's consumer healthcare sector expertise and portfolio synergy will greatly help us in this direction."
Neil Ross, head of the Scottish Venture Fund added, "Lumicure is an extremely innovative company with the potential to grow into a world-class business. This potential was evident when Scottish Enterprise initially supported the project through its Proof of Concept Programme, extending into dedicated support from Scottish Enterprise in Fife. The management has worked hard to translate their exciting ideas into a viable commercial opportunity and this is the reason the Scottish Venture Fund has invested in Lumicure."
About Lumicure
Lumicure is an early stage, privately held company, developing low cost, portable (ambulatory) and disposable light sources which will be used extensively in Photodynamic Therapy (PDT) and cosmetic skin treatment. The company has secured world-wide exclusive rights to key patents emerging from the founder's research in this field at St Andrews University and the Photobiology Unit of Ninewells Hospital, NHS Tayside, Dundee, Scotland. This is the company's first round of funding after initial product development support from Scottish Enterprise Fife.
About Longbow Capital LLP
Longbow Capital was established in 2004 to bring to early stage unquoted companies the skills and capital required in order to generate significant returns for investors over a 3 to 5 year period.
The partners of Longbow include individuals with a range of experience that has enabled them to build and operate successful private companies for the mutual benefit of investors and management. For its investors, Longbow identifies investment opportunities with the potential for considerable and sustainable growth. This class of investment can also offer private investors income tax, capital gains tax and inheritance tax reliefs. Longbow's primary objective is to deliver substantial returns for its investors.
Longbow has offices in the City of London and central Edinburgh, is regulated by the FSA and is a member of the British Venture Capital Association.
For further information visit the Longbow website
About the Scottish Venture Fund
The Scottish Venture Fund provides investments of up to £2 million per transaction in partnership with the private sector on at least a matched funding basis in syndicated transactions, typically, between £2 million and £10 million.
Scottish Enterprise is the main economic development agency for Scotland covering 93 per cent of the population from Grampian to the Borders. The Scottish Enterprise Network consists of Scottish Enterprise and 12 Local Enterprise Companies. Working in partnership with the private and public sectors the Network aims to build more and better businesses, to develop the skills and knowledge of Scotland's people, and to encourage innovation to make Scotland's businesses internationally competitive.
About St Andrews University
Founded in 1413, St Andrews is the oldest university in Scotland and to this day continues to maintain an enviable reputation in teaching and research. The OLED "sticking plaster" was developed within the Organic Semiconductor Centre, a centre for interdisciplinary research on organic semiconductors and their applications. Organic semiconductors are remarkable plastic-like materials which can conduct electricity and emit light, providing a new technology for display, lighting and now medical applications.
About NHS Tayside
NHS Tayside is responsible for meeting the health needs of more than 400,000 people living in Tayside, providing a comprehensive range of primary, community-based and acute hospital services for the populations of Dundee City, Angus and Perth & Kinross. Acute services are also provided by Ninewells Hospital and Medical School to the population of North East Fife. It has an annual budget of more than £750 million and works closely with the University of Dundee on research and development matters
About SHIL
Scottish Health Innovations Limited (SHIL) has been established to support the development and commercialisation of innovations arising within the NHS in Scotland. With funding from the Scottish Executive's Chief Scientist Office, Scottish Enterprise, Highlands and Islands Enterprise and the Department of Trade and Industry. SHIL seeks to identify and develop new technologies which can be furthered through partnerships with the private sector. SHIL are equity holders in Lumicure on behalf of NHS Tayside.
For more information visit the SHIL website
About skin cancer
The incidence of skin cancer is growing rapidly and now affects 15 per cent of the UK population, 40 per cent of the American, and 75 per cent of the Australian populations during their lifetimes. This equates to ~ 220 million people. Current skin cancer treatment can involve surgical removal of the lesion, with associated scarring and risk of infection. Alternatively, light in combination with a suitable pharmaceutical cream can be used, a procedure called photodynamic therapy (PDT). However, current PDT involves large, cumbersome and intense light sources, and the patient must sit or lie still under them for several hours during treatment in a hospital cubicle.
About PDT
Photodynamic Therapy (PDT) is a two-step process involving the application of a photosensitive drug followed by controlled exposure to a selective light source which activates the drug and destroys the diseased cells. PDT treatment avoids the scarring associated with surgical removal of the tumour and the need for an in-patient hospital stay. PDT is now the preferred treatment for several forms of skin cancer including; Basal cell carcinoma (BCC), Actinic (solar) keratosis (AK), Bowens disease (squamous carcinoma in situ). All of the target indications occur predominantly in the over 60-year age group and are currently treated by dermatologists.
About OLEDs
Certain organic semiconductor materials are capable of emitting light when they are subjected to an applied electric field. The simplest configuration of an organic light-emitting device consists of a thin film of organic material sandwiched between two electrical contacts. This type of device is known as an Organic Light Emitting Diode (OLED). OLED devices posses many benefits over existing technologies; they emit light uniformly over large surface areas whilst operating at low voltages using simple batteries, they are cheap to process especially in mass production, they are flat or even flexible and are lightweight and durable.
Ian Muirhead
CEO
Lumicure Ltd
Tel: 0771 498 0617
Email: i.muirhead@btinternet.com