The Investing in Health programme provides healthcare companies in Yorkshire & Humber the knowledge, advice, tools and resources needed to access funding from national and international investors. The programme also gives advice to companies looking at ways of raising other types of finance such as bank debt, asset based lending and sales finance
Cancer diagnostics company, Zilico, secures funding
Background Sheffield - based Zilico Limited is a medical technology company, which is developing a device to enable swifter and more accurate detection of cervical cancer and enable real time diagnosis of the disease. Formed in 2006 the company has focused on developing a commercially manufactured device for the first of its applications, aimed at the secondary care colposcopy market. Clinical data on 500 women has demonstrated superior performance over existing diagnostic procedures. Zilico Ltd began undergoing multi-centre clinical trials in April 2009 and the company’s second application is aimed at the primary care screening market.
Objective Sameer Kothari, chief executive officer of Zilico Ltd, was looking to secure further funding from investors to further develop the business with the aim of launching the first product in 2011. Sameer, a seasoned executive joined the programme to help better target potential investors as well as receiving independent feedback on the proposition. Implementation Following a review of his own investor list Sameer was invited to attend a dinner in London, where he was given the opportunity to network with key national investors. He was also given expert advice by Grant Thornton in order to perfect his investor pitch. The Investing in Health programme also supported his attendance at MedTech, which provided the company with the opportunity to showcase their business plan before an audience of potential investors and strategic partners. Sameer Kothari, CEO of Zilico, commented on his experience of the programme: “Going through the Investing in Health programme gave us confidence in our investment proposition and the team provided constructive feedback on our proposition. It also opened up new networks for us and brought us some very useful new investor contacts.” Result Zilico Ltd has secured investment in the form of an interim round of funding. Existing investors include Exomedica Limited, Fusion IP plc, Viking Fund, STH NHS Trust & Medipex Limited, recognise the potential growth prospects of the company and the benefits of its cancer diagnosis technology. Having secured investment, Zilico Ltd is taking its prototypes into manufacture and is on track to launch its first product in 2011.
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