Breast cancer device wins £1.25 million investment

Source: Health Care Digital

Date :15/08/2007 14:38:14

Longbow Capital, specialist venture capital firm, has invested £750,000 in the company behind the technology PWB Health Limited.

PWB, which was created by Polaroid-spinout Wideblue also received £500,000 from the Scottish Enterprise Co-Investment Fund.

The new funding led by Longbow Capital will enable Glasgow-based PWB to complete the development of ‘BreastChecker’ with the aim of taking it to market next year.

The device is hand-held helping women see, as well as feel, lumps in the breast which may be cancerous.

BreastChecker uses a specific frequency of light to reveal tissue with a higher than normal bloody supply, such as tumours or cysts.

The device shows abnormalities as shadows or dark areas, and although BreastChecker doesn’t diagnose cancers, it can dramatically help women self-check, detecting possible cancers as soon as possible.

The device was created with the aim of helping women detect problems quicker which can be operated on with minor surgery, reducing the need for serious mastectomies.

Jim Hall, the chief executive of Wideblue said: “From the very first meeting with Longbow we were impressed with their approach. Their investment team will be invaluable sources of expertise in taking this world-leading technology to market.”

As well as hoping to reap the financial rewards from PWB’s commercial success, the investors had another motivation. The money was invested through the Government-backed enterprise investment scheme (EIS) which allows investors to offset 20 percent of their investment against their income tax bill – this can be up to £80,000 per annum.

Robin Finlayson at Longbow Capital said “EIS works for the mutual benefit of investors and SMEs. It’s a simple idea that just makes sense and it has the potential to provide a massive boost to British enterprise.”

Longbow Capital has a tie in with the high street giant Alliance Boots and it is hoped the chemist will stock the device.

August 15 2007