Medical engineering company Intelligent Orthopaedics is the first company to gain funding from the new Mercia Technology Seed Fund (MTSF) which launched last week.
Intelligent spun out of a collaboration between Staffordshire University, Keele University and the University Hospital of North Staffordshire.
The company has bagged close to a quarter of a million pounds from a syndicate of investors MTSF, Secondary Market Infrastructure Fund and private investors.
The investment is the second investment in the company and follows the success of its device, the ‘Staffordshire Orthopaedic Reduction Machine’ (STORM).
The new money will be used to finance further product development.
Peter Ogrodnik, managing director of Intelligent Orthopaedics, said: “After the success of STORM, this is a great opportunity to develop our ideas and create more unique medical devices.
“It is a fantastic recognition of all our hard work so far and we hope to continue this success into the future.”
Dr. Mark Payton, fund principal for the MTSF said: “We are delighted to have completed our first investment so soon after the launch of the fund.
“It is one of a number of opportunities that are under consideration at the moment and typifies the type of investment we seek, where there is a world class product under development with a global reach and a clear commercial path.”
© Crimson Business Ltd. 2007
