A West Midland fertility company has received £775,000 in financial backing from a consortium of investors including The Exceed Midlands Advantage Fund.
Fertility Focus, which is establishing offices in Warwick Technology Park, has been backed to the tune of £375,000 by The Exceed Fund, which is managed by Midven.
A further £250,000 has been invested by Norgenix, a US distributor of women’s health products, and three individual investors through Envestors.
Tony Stott, chief executive of Midven, said: “Fertility Focus was formed in 2005 to license intellectual property for the Fertility Monitor from Bristol University and since then has developed two unique products.
“It is an innovative company with excellent prospects and its products provide solutions to the many issues faced by infertile couples.”
Robert Milnes, chief executive of Fertility Focus, said: “We are delighted to receive the backing of Midven in our efforts to improve the diagnosis and treatment of infertility.
“We have exciting plans for developing the business and look forward to working with Midven as we grow.”
Already approved for sale in Europe and the USA, the company’s Fertiloscope is a minimally invasive instrument for the early diagnosis and immediate corrective surgery of physical abnormalities in the female reproductive organs.
Fertility Focus’ Advanced Fertility Monitor identifies and predicts periods of maximum fertility and is also able to diagnose women who are not ovulating regularly thus enabling earlier intervention.
The funding is to be used primarily to complete regulatory approvals for the Advanced Fertility Monitor and launch it into the European market, said Mr Stott. “Fertility Focus is a great example of a company that has very real prospects and we are delighted to support the management team in bringing these products to the market,” he said. “Increased education and affluence has seen a dramatic rise in those couples who seek IVF – the most common form of assisted reproductive technology.
“Current treatments employed globally are unable to cope with the demographic change – with success rates falling well short of patients’ expectations.
“There is a gap in the market for better diagnostic techniques and faster methods of treatment – and Fertility Focus is well placed to exploit this opportunity,” said Mr Stott.
The company currently employs two members of staff and uses a network of agents and distributors worldwide.