Seed Funding for CamStent Ltd
3 October 2011
A recent MBE class
CamStent Ltd, an emerging medical materials company founded by members of the MBE class, has announced today the results from a study which demonstrate that the Company’s first product from its surface coating platform exerts strong antimicrobial effects against the organisms primarily responsible for hospital-acquired urinary-tract infections. The Company also announced that it has closed £350K ($570K) of seed funding from a consortium of business angels. The funding will be used to optimise the Company’s product for licensing and clinical use.
CamStent’s first surface coating product has been engineered to protect medical catheters from colonization by urinary tract microorganisms. The results of a recent study have demonstrated the product’s ability to reduce the number of live organisms adhering to exposed surfaces by 90%. Such a reduction is sufficient to interrupt the process underlying urinary tract infections, which account for up to 40% of all hospital-acquired infections. Catheter-Acquired urinary tract infections affect about half of all hospitalised adults who have urinary catheters in place for longer than a week, leading to extended hospital stays and significant additional medical expenses. Over 100m catheters are used by hospitals worldwide each year, but current antimicrobial products fail to decrease infection rates in long-term use, creating a ready market to improve outcomes and decrease costs.
The funding round was over-subscribed and attracted a broad base of investors including London Business Angels, The Yorkshire Association of Business Angels, and the Cambridge investment community. Paul White and Richard Milne have been appointed to CamStent’s Board as non-executive directors to support the company’s growth through the next phase of development. Paul White has over 30 years’ experience of public and private sector leadership in the healthcare industry and Richard Milne has over 20 years’ experience in commercial affairs, corporate governance and compliance.