A MedTech business that is working closely with Royal Cornwall Hospitals Trust (RCHT), has received a £200k equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group.
The funding is part of a £400k funding round and will be used to support job creation and the overall growth of the business.
Peninsula Medical Technologies (PenMed) produces medical equipment and technology to improve the safety and outcomes of patients in the critical care environment. The company has been awarded an Innovate UK Biomedical Catalyst Grant for project costs of £1.2 million to take its modular ventilation/anaesthesia device into clinical trials.
The PenMed modular system provides ventilation and anaesthesia without needing to disconnect the patient, improving patient safety and workflow. It was developed following work by PenMed in the final stages of the UK Ventilator Challenge at RCHT and addresses many of the needs of pandemic ventilation so that such a challenge would not be needed in a future pandemic.
PenMed founder, Dr Sebastian Brown, said: “With the grant funding in place to take the device through the next two years of testing and clinical evaluation, this CIOSIF investment will allow us to create the jobs needed to undertake this process.
“It will also support the development of a further medical device based on the same architecture, helping move towards our goal of delivering more innovative solutions to the healthcare industry and providing high-quality medical devices for the benefit of patients. We are delighted to be working with FSE on this journey.”
Ralph Singleton, head of Equity South West at The FSE Group, added: “PenMed’s management team has a strong background of successful product development in the medical sector and impressive knowledge and expertise of the ventilator market. This, and their close ties with the industry, leave them poised to make a significant impact in the medical sector.”
The global ventilator and anaesthesia market is worth around £2.5 billion. Boasting several advantages over its competitors, including enhanced patient safety and data-driven healthcare advances that ultimately lead to better patient outcomes, PenMed believes it is well-positioned to capture its targeted 9% share of the £124 million UK market by 2028.
