Active Needle Technology has managed to raise £350,051 via online investment platform SyndicateRoom.
The startup, which claims to have developed a device that has the potential to assist doctors perform more accurate and reliable needle-based procedures, surpassed its target of £250,000 by 140%.
The Oxfordshire-based company has, since its inception, aimed to get behind the universal problem of needle placement errors in ultrasound-guided needle interventional procedures. It has endeavored to achieve this through commercialisation of its “needle actuating device”, which was originally developed at the University of Dundee. The technology enables precision needle targeting and has the potential to allow clinicians to perform these procedures safely, efficiently and cost-effectively, in a process that benefits patients and healthcare providers.
The technology has been the result of the research work conducted by Dr. Muhammad Sadiq, a biomedical engineer and RSE enterprise fellow, and Prof. Graeme McLeod, a consultant anesthetist at Ninewells Hospital and the University of Dundee.
The adoption of Active Needle’s technology in clinical practice offers the promise of significant health economic and clinical benefits, driving shared value for investors, patients, clinicians and healthcare providers and payers.
According to the company, the funding will enable the firm to move forward to its pre-production stage. Ian Quirk, CEO and co-founder of Active Needle, said:
Active Needle is committed to developing precision needle-based devices to improve accuracy during medical procedures, such as biopsies. The clinical impact of precision targeted needles includes increasing confidence of needle tip detection, whilst patients can benefit from reduced complications and discomfort. Funds raised via SyndicateRoom will be used to progress the device to pre-production standard, testing and into regulatory approval.
Founded in 2012, SyndicateRoom lets members co-invest alongside experienced investors in opportunities. Gonçalo de Vasconcelos, CEO and co-founder of SyndicateRoom, commented on the news:
Active Needle is a clear example of a MedTech innovator developing equipment to benefit both clinicians and patients, whilst providing potentially significant cost-saving benefits for the health sector, making the world a better place. We are delighted to welcome Active Needle as the latest MedTech success story to join our company portfolio.