Scottish Investment Bank backs new life science venture Sphinx Medical
Sphinx Medical Limited has raised £600,000 in an initial financing round led by Borders-based angel syndicate Tweed Renaissance Investors Capital Ltd (TRI Cap) in partnership with the Scottish Investment Bank’s Co-Investment Fund.
Management also invested. The company, which has assembled an experienced management team led by Chief Executive Jonathan Lintott and Chief Operating Officer Joseph Gallagher, will focus on the development, manufacture and distribution of implantable devices for the management of severe incontinence.
Sphinx’s initial product, a revolutionary artificial anal sphincter (AAS), introduces patented new technology to allow long term implantations without complications. CEO Jonathan Lintott said “I am very excited that we have received this support from our investors. This will allow us to build a new medical device business aimed at meeting the needs of patients across the world and further reinforcing Scotland’s position in the biomedical field.”
The AAS device was developed in Glasgow by Dr Ian Finlay and it has been successfully implanted in more than 20 patients, some of whom have benefited for a period in excess of 10 years. The device has been issued with a CE mark and the procedure has gained recognition from NICE.
Dr Finlay, who will be involved in the future direction of the company said: “I am pleased to be part of this venture. Sphinx will ensure this device - which has the potential to dramatically improve the quality of life – is available to patients “.
The company is building a dedicated manufacturing facility at its site in Bellshill, Lanarkshire and is planning to start shipment of the devices in early 2012. Chief Operating Officer Joe Gallagher said: “We are moving rapidly to install and validate our new manufacturing facility and we target gaining regulatory approval for its use by the end of 2011. This will allow us to meet our goal of commencing manufacture during 2011.”
Robert Dick, TRI Cap chairman commented: “TRI Cap members are delighted to invest in this funding round for Sphinx Medical. We have all been impressed with the sense of purpose and clear vision of the management team. With over £300,000 secured from members, we look forward to seeing the company establish its manufacturing and distribution channels and progressing successfully in the future.”
TRI Cap is represented on the board of Sphinx by member Dr John Hall of Earlston-based Leader Partners, who brings with him extensive experience in the pharma and life sciences sectors.
Andrew Sloane, head of the Scottish Investment Bank’s Co-Investment Fund, said: "Sphinx Medical is an excellent example of a Scottish life sciences company developing innovative new technology with global potential. We are delighted to invest in the company alongside our longstanding partner TRI Cap and look forward to seeing Sphinx bring its first product to market, further enhancing Scotland's reputation as a leading hub of life sciences excellence."