NPIF – Mercia Equity Finance invests GBP1.4m in medtech startup
A medtech start-up whose sensor technology could improve outcomes for patients having knee replacement operations has raised GBP1.4 million to bring its device to market.
Eventum Orthopaedics has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors including several world-leading orthopaedic surgeons.
Based in Ilkley, Yorkshire, the company was founded by John Naybour and Paul Atherton, who between them have almost 50 years’ experience in the field of orthopaedics and previously held senior roles with Johnson & Johnson. They have been joined by Mike Cripps, the former MD of Leeds-based Panintelligence, as Non-Executive Director and Jon Gonzales as Finance Director.
Around 2 million patients a year worldwide undergo a total knee replacement, and this is expected to rise to 3.5 million by 2030. However studies suggest that up to 20 per cent of patients are dissatisfied with their outcome. Eventum believes that the key to improving success rates is a greater focus on the positioning of the kneecap, which plays a significant role in the overall function of the knee.
Having created early prototypes with input from eminent surgeons worldwide, Eventum has now developed a unique and innovative device that will be the first to provide real-time measurements of this area during the operation, enabling surgeons to improve their decision making.
The funding will allow the team to finalise development and bring the product to market in 2022. As part of the investment Alan Ashby, who has held senior roles with international medical companies, has been appointed as Non-Executive Chair.
John Naybour, Eventum’s CEO, says: “I have spent my working life involved in developing products to improve total knee surgery. It is exciting to be part of a small med tech start up with a big vision to deliver accessible innovation to improve patient outcome for total knee patients across the globe.”
Tom Kitchen of Mercia adds: “With a more active, ageing population, demand for total knee replacements is growing rapidly but clearly success rates need to improve. Eventum’s device could offer a solution by removing the guesswork from surgery and providing accurate measurements. This is an exciting development and the fact that surgeons themselves are willing to invest in it is a major vote of confidence.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.