A West Midlands medical technology company has become the first recipient of investment from the newly-launched Early Advantage Fund managed by Birmingham-based Midven.
Staffordshire-based Anaxsys Technology is developing a suite of devices which allow diagnosis and monitoring of a variety of diseases by analysing the humidity profile of the breath.
The Early Advantage Fund is investing £125,000 as part of a £500,000 investment round that will allow the company to conduct clinical trials prior to launching its first product later in 2010.
The core technology developed by Anaxsys has important applications across many sectors of healthcare, including screening for lung cancer, the post-operative monitoring of patients and in the diagnosis and monitoring of asthma.
The new investment was announced at the official launch of the £8 million Early Advantage fund which is backed by Advantage West Midlands and the European Regional Development Fund.
Non-executive chairman of Anaxsys David George said: "Anaxsys proprietary technology has value in a number of different applications and this investment will be crucial in getting the first product to market. We have great belief in our products and it’s really rewarding that this fund has recognised our potential."
Midven director Andrew Muir said that Anaxsys, which undertakes research and development at its offices at Keele University, "is an early stage, cutting-edge business with real prospects.
"It’s particularly rewarding to invest in a company that has the potential to improve the lives and well-being of people all across the world."
