OrganOx Ltd Raises £1.5m in Equity Financing

15 December 2008

Isis Innovation, the University of Oxford’s technology transfer company today announced that OrganOx Ltd, a spin out from the University’s Institute of Biomedical Engineering and Nuffield Department of Surgery has raised £1.5m in equity financing. This Series A round was led by Oxford Technology Management Ltd and Technikos LLP. The Oxford University Challenge Seed Fund also participated in the round.   

OrganOx is developing a device for sustaining organs outside the body using blood at normal body temperatures. The device was invented by academic founders Prof Peter Friend, a leading transplant surgeon, and Dr Constantin Coussios, a biomedical engineer. In the first instance, it will be used to improve and prolong preservation and transportation of livers before transplantation.  

“The major benefit of the OrganOx technology will be to increase the number of suitable livers available for organ transplantation,” said Dr Les Russell, the CEO of OrganOx.  

In Europe and the US, around 11,500 liver transplants are undertaken each year. However, there is a combined waiting list of around 30,000 patients and up to 25 per cent of these patients die whilst awaiting transplantation. Over 2000 livers are discarded annually because they are either damaged by oxygen deprivation or by intracellular fat.  The OrganOx technology allows livers to be preserved for up to three days, more than three times longer than is possible by conventional cold storage and the company expects that it will also allow livers currently deemed unsuitable for transplantation, to recover to an acceptable standard for transplant.

“We are delighted to have concluded this financing round and to have a syndicate of highly experienced life science investors on board with the Company. The funds raised will now be invested in developing a working prototype of the machine and completion of the pre-clinical studies before undertaking clinical investigations,” said Dr Russell.     

Tom Hockaday, Isis Innovation’s managing director said: “Isis is proud that OrganOx has successfully raised this funding, and congratulates the researchers, management team and investors on this milestone. The Oxford University Challenge Seed Fund continues to be instrumental in providing early funding for these promising technologies.”

For more information, please contact:

Dr Les Russell, OrganOx: les.russell@gmail.com

Dr Matthew Frohn, Oxford Technology Management Ltd: matthew@oxfordtechnology.com

Dr Anthony Colletta, Technikos LLP: a.colletta@technikos.co.uk

 

Notes to Editors:

About Oxford Technology Management Ltd (www.oxfordtechnology.com)  
Oxford Technology Management Ltd is a seed and early stage venture fund manager, specialising in UK based technology investments. Since 1983, the company has managed a series of ten funds, including the four Oxford Technology VCTs, and most recently, the £30m Oxford Technology Enterprise Capital Trust LP. Oxford Technology Management is authorised and regulated by the Financial Services Authority.  

About Technikos LLP  
Technikos LLP is a London based venture capital business and invests in private companies within the UK and selected Western European countries, in the area of medical technology, particularly as applied to the field of regenerative medicine.  Technikos LLP entered into a long-term partnership with the Institute of Biomedical Engineering at Oxford in 2006.  

About Isis Innovation Ltd (www.isis-innovation.com)
Isis Innovation is the University of Oxford’s technology transfer company. It provides researchers with commercial advice, funds patent applications and legal costs, negotiates exploitation and spin-out company agreements, and identifies and manages consultancy opportunities for University researchers.  It is a subsidiary of the University of Oxford and has established itself as one of the best University technology transfer companies in the UK.