Medical devices, equipment and consumables
NATURE OF BUSINESS | Medical devices, equipment and consumables |
STAGE OF DEVELOPMENT | Trading for 3 years |
INVESTMENT BEING SOUGHT | £ 50k (of a £250k package) |
20% EIS TAX RELIEF POTENTIALLY AVAILABLE | Yes |
PREPARED TO HAVE MULTIPLE INVESTORS | Yes |
INVEST ALONGSIDE VENTURE CAPITAL FUND | Yes (Angel-VC Fund co-investment confirmed) |
EQUITY STAKE | Realistic |
INVESTOR PARTICIPATION | Open to discussion: depends on skills |
MANAGERIAL SKILLS SOUGHT | Possibly non-exec director or p/t financial |
LOCATION | West Midlands based |
This is a tightly run business, with founders and directors who favour capital appreciation over high salaries. It has low overheads and high gross margins, and seeks capital to accelerate its growth. A regional venture capital fund, private investors and a bank will provide £200k of the £250k being sought: the remaining £50k is open to Minerva members either collectively or individually.
The UK market for such products is £2.7bn p.a. and is growing at 10% p.a., reflecting the escalating demand from the NHS for low and mid-tech products that will reduce its costs but which can also be approved and launched quickly. The company's customers also include private hospitals and healthcare providers.
There is a plethora of innovative ideas and unexploited IPR in the health sector, particularly in the NHS. The company evaluates such IPR for commercial exploitation. After satisfactory evaluation the chosen IPR is licensed by the company, and finished products are launched. The NHS is synonymous in the UK and overseas with high quality; therefore products derived from this source command a high level of acceptance in the world market (in effect an NHS/market endorsement).
The company's business model is well proven, with five exclusive world-wide licences in place with the NHS and others in the course of negotiation. Significantly, it has also been awarded NHS National Purchasing Contracts. Its pace of development is limited by the lack of funds to expand its portfolio of licences and the shortage of people to exploit the products more aggressively and to a wider audience.
Further information: Harry Stott, University of Warwick Science Park Limited
024 7632 3123 or capital@uwsp.co.uk