EnXray Raises £2.3 Million to Fund Commercial Expansion
10 April, 2017, Liverpool, UK – EnXray Ltd, developers of innovative sterilization equipment, today announced it has raised £2.3 million to support the pre-commercialization activities, manufacturing and launch of its ground breaking Low Energy X-ray (LEXR) sterilization machine. The LEXR equipment enables on-site and on-demand sterilization of medical devices and consumables at the point of manufacture.
EnXray is carrying out initial product sterilization testing with potential customers with its prototype machine and is on track for commercial launch by the last quarter of this year.
EnXray has entered into a loan agreement with Finance Birmingham for up to £2 million, as part of the funding support under the AMSCI programme, which is supported by the Department of Business, Energy and Industrial Strategy (BEIS). The funds will be drawn down in tranches during the year to match the Company’s progress. In addition, the Company has also raised equity totaling £327,000 as a final closing on its 2016 equity funding round. The equity funding is in addition to the £800,000 which was announced in October 2016.
Ed Cappabianca, co-founder and CEO of EnXray, said: "The loan facility is an excellent form of capital to assist EnXray in the further development and commercialization of our technology. We also appreciate the further commitment of equity capital that came primarily from CBC Holding AB, one of our new investors in 2016, which co-led the 2016 equity funding with the North West Fund for Biomedical. We are looking forward to our commercial launch later in 2017."
Andy Green, Finance Birmingham Investment Director, commented: "We are really pleased to have been able to provide EnXray with funding that builds on R&D and the commercialization of their product within an exciting market place."
EnXray will be at the XIVth Anglo Nordic Life Science Conference on Wednesday, 31st May 2017. Ed Cappabianca, CEO, will be presenting an overview on the Company’s technology and will be available for meetings.
Visit www.enxray.com for more information.
Contact: Edward Cappabianca, Chief Executive Officer
Tel: +44 77 11 98 43 45
Notes to editors
About EnXray Limited
EnXray Limited (EnXray) is a development-stage technology company founded in 2012, focused on commercializing its proprietary Low Energy X-rays (LEXR) technology for use in sterilization. EnXray’s first target market is the medical device manufacturing industry, where our technology will enable companies to manage and control the sterilization of their products (the final critical step of their production process) on-site & on-demand, providing significant benefits to its customers.
Today, the global medical device manufacturing industry relies upon large scale remote sterilization facilities, which creates significant logistics issues for manufacturers, as well as their end customers, such as hospitals and the NHS.
LEXR, or “soft x-rays” are a form of ionizing radiation in the range of 5 – 20 keV, which have some compelling characteristics, including a short transmission range through air, combined with a high absorption coefficient, which makes it a very efficient method for delivering high dosages of radiation in a relatively short period of time, without the need for extensive shielding. This is different from
gamma-irradiation, where products have to be paletted in order to get reasonable sterilization efficacy, LEXR is designed for end-of-line processing and sterilization of individual products.
The Advanced Manufacturing Supply Chain Initiative (AMSCI) has been a UK-wide competitive fund operating between 2011-2014 to support manufacturing supply chains. AMSCI funding provided research and development support, skills training, investment capital and encouraged major new suppliers to ‘re-shore’ in the UK. Finance Birmingham Ltd are agents for Birmingham City Council, the accountable body for AMSCI, responsible for delivery of the AMSCI Programme.
SMS Electronics Limited
SMS Electronics is the lead partner in EnXray’s AMSCI funding consortium, and is a leading supplier and service solution provider into all segments of the electronic assembly industry, including niche markets, by leveraging our expertise in; procurement, board assembly, test, product integration, asset management and end of life support. SMS is certified AS9100 Rev C (BS EN 9100:2009), ISO13485:2003 and ISO9001:2008. SMS was awarded the Queen’s Award for Excellence in Manufacturing (2012), and was the top-ranked private company in the Times fastest growing company review in both 2010 and 2011. For more information please visit www.smselectronics.co.uk
The AMSCI consortium includes the University of Nottingham Precision Manufacturing Centre (www.nottingham.ac.uk/ifam/research/themes/pmc/index.aspx), Pennine Healthcare, one of the largest privately owned UK manufacturers of medical devices based in Derby (www.penninehealthcare.co.uk), and Europlaz Technologies Ltd, a medical device contract manufacturing company based in Maldon (www.europlaz.co.uk). EnXray is also working with Tharsus Group (www.tharsus.co.uk), FMP Ltd based in Lancaster (www.tharsus.co.uk), a subsidiary of CliniMed (Holdings) Ltd, and LiNA Medical AsP (www.lina-medical.com).
CBC Investment Group
CBC Investment Group is a private Swedish based Venture Capital firm that invests in early stage companies. Their focus lies mainly within new technology with a high degree of innovation and a globally scalable model. Typical Investments for CBC are generally pre-commercialisation with a working prototype/beta-version or equivalent. CBC became a shareholder in EnXray in August 2016.
The North West Fund for Biomedical and SPARK Impact
The £31m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England. It is now fully invested.
The North West Fund for Biomedical, which was launched in February 2011, is accessible to a broad range of companies including those developing pharmaceuticals, new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to companies based in, or prepared to relocate to, the North West of England, with 40% of the fund to be invested on Merseyside. For more information about the fund please visit www.thenorthwestfund.co.uk