MediSieve, a spin out from University College London, has closed a £1.75m Series A round to continue developing its blood filtration device.
The technology is being tested for the treatment of Malaria, Sepsis and Leukaemia, as it magnetically filters specific disease-causing components from the bloodstream.
This latest investment, referred to as a EIS Round by the MediSieve team, follows a Seed round of £350,000 in August 2015 – the same year that the company was founded.
The fresh funding came from a mix of both old and new investors. The private capital network 24Haymarket invested £632,000, with Marek Gumienny, the director of 24Haymarket, joining the board of MediSieve as a non-executive director.
The money will be used to further R&D of the company, and to search for a potential partner.
Dr George Frodsham, founder and CEO of MediSieve explained: “This investment represents a watershed moment for MediSieve, and gives us the resources required to move forward with our product development and commercialisation over the coming years. We are very pleased to have found investors who will be actively involved in supporting the company as we grow, and who share our vision of a future where we can provide doctors with the ability to clean a patient’s blood and treat a variety of blood-borne diseases.”
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He added: “The best investors bring more than just funds, and I am very excited to have them join us on the journey. This is going to be a very exciting period of growth and development for MediSieve”.
MediSieve’s vision for the future of healthcare is one where doctors are able to target and remove infected cells, pathogens, toxins, or even viruses directly from a patient’s bloodstream. The ability to precisely extract unwanted disease-causing substances in this way would revolutionise the treatment of deadly blood-borne diseases, benefiting patients and clinicians around the world.
As part of the team’s raise, they have opened new offices and labs at the Imperial College London Translation & Innovation Hub (I-HUB).
Commenting on the investment, Marek Gumienny at 24Haymarket concluded: “MediSieve is an excellent example of the type of businesses 24Haymarket is proud to back. We have an outstanding founder and entrepreneur in George Frodsham and potentially a global game changer in the treatment of such devastating diseases such as malaria and sepsis.”