Albert Medical Devices (AMD) has secured GBP940,000 in funding supported by the Angel CoFund, the GBP100m government and British business bank-backed fund, alongside existing investors North West Fund for Biomedical (managed by SPARK Impact) and the London Business Angels.
This is the third round of funding for the Liverpool-based med-tech company, who in April 2012 successfully raised a seed round of GBP300,000 from SPARK Impact’s North West Fund for Biomedical (the fund having collectively invested GBP680,000).
This initial funding was used to further develop the company’s flagship product, the melio leg bag. The melio is the world’s first intelligent catheter leg bag, complete with electronic urine level sensor, discrete patient warning system and control panel.
The latest funding will be used to launch the product fully into key healthcare markets whilst also allowing for next generation product development.
Dr Matt Pearce, CEO of AMD, says: “Since our last funding round in 2012 the team at AMD has been investing time and money on product development, with the goal of reducing the end cost for the user. We’ve also focused on building our commercial and marketing teams. The melio bag has been incredibly well received by professionals in the urology sector and we look forward to using this funding to reach more patients and to greatly improve the lives of those with urinary incontinence.”
Tim Mills, investment director at the Angel CoFund, says: “We have been greatly impressed by the dedication of the team at Albert Medical Devices, not to mention the passion behind the development of the melio leg bag. The Angel CoFund is all about working with angels to get cash to the best of British businesses, helping them realise their potential and grow to the next stage – AMD fits the bill perfectly. The company has developed a potentially life changing product which offers significant enhancement to health outcomes and gives patients a better quality of life. We look forward to supporting Matt and his team as they continue to develop their range of world-class med-tech products.”
