GEIF Ventures Matches Angels with a £100,000 Investment in
Quotient Diagnostics Ltd
3 October 2003
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GEIF Ventures, a £2.5m fund set up in April
2003 to co-invest with business angels announced today that it matched
Great Eastern Investment Forum (GEIF) business angels with a £100,000
investment in Quotient Diagnostics (“Quotient”), creators
and manufacturers of diagnostic tools for assisting the treatment
of diabetes.
Quotient, which was incorporated in December 2002,
is developing an instrument to provide low-cost, immediate and accurate
measurement of glycated haemoglobin in blood samples. The diagnosis,
treatment and management of diabetes and associated diseases can
be significantly improved by using the information provided from
the measurement of glycated haemoglobin levels in blood samples.
Current techniques require the separation of haemoglobin
into glycated and non- glycated fractions before taking measurements.
This is a complex procedure that can easily lead to errors. Quotient’s
method uses the fluorescent properties of a patented reagent to
pinpoint the glycated fraction without the need for a separation
method.
Diabetes is becoming a worldwide epidemic, now
known to affect around 150 million people, and rising inexorably.
It is strongly associated with obesity and increasingly affects
children and adolescents. Over half the diabetics in the world are
believed to be undiagnosed.
David Chatterton, Chief Executive of Quotient
commented today:
“We are delighted to have been given this
level of support by GEIF angels and GEIF Ventures and believe that
this level of funding will allow us the opportunity to continue
the successful development of our product”
GEIF Ventures will be investing in Quotient alongside
five GEIF business angels and two other financial institutions,
The Capital Fund, the Regional Venture Capital Fund for London,
which is managed by London Fund Managers, and NESTA (the National
Endowment for Science, Technology and the Arts), the organisation
that champions UK creativity and innovation. Several private individuals
will also be investing.
Nigel Brown, Chairman of NW Brown Group of which
the GEIF Ventures Fund and
Great Eastern Investment Forum are part says:
“I am pleased to see the Fund is well under
way in making new investments and delighted GEIFV is taking part
in this exciting new phase in the growth of Quotient, which is a
company, we believe, with high growth potential. We were pleased
to see several investment institutions join forces with business
angels in this deal as I am convinced syndication and match funding
is the way forward for early-stage investment groups. The Great
Eastern Investment Forum and the GEIF Ventures Fund is helping to
pioneer that concept.”
Further enquiries:
Max Bautin
GEIF Ventures Ltd
max.bautin@geifventures.co.uk
David Chatterton
Quotient Diagnostics Ltd
020 8 481 9016
www.quotientdiagnostics.co.uk
For media enquiries please contact:
Steve Greenahlgh
Profile Communications
01223 236736.
Notes to Editors:
GEIF Ventures
GEIF Ventures is a £2.5 million co-investment fund within
the NW Brown Group established with the commitment by the Small
Business Service to co-invest with GEIF business angels into promising
businesses. GEIFV is able to co-invest initially up to £100,000
and, if appropriate, follow up its investment by another £100,000
after 9 months. GEIFV is not a lead investor and can only invest
when a company receives an investment from GEIF business angels.
Great Eastern Investment Forum
www.geif.co.uk
GEIF is a leading UK business angels network strategically based
in Cambridge. It is the fundamental link between early stage companies
and business angels seeking quality investment opportunities. GEIF
introductions, through regular company presentations and breakfast
meetings, provide a secure and confidential business environment.
GEIF website brings members all the latest investment opportunities
and other relevant news. Since GEIF was launched in 1995, its members
have helped over 150 early stage companies to raise in excess of
£20 million of investment and to strengthen their teams with
invaluable management skills. Membership of GEIF includes private
investors, corporate investors, venture capitalists and corporate
advisers.
The Capital Fund and London Fund Managers
www.thecapitalfund.co.uk
The Capital Fund (www.thecapitalfund.co.uk) can make an initial
investment of up to £250,000, usually for a minority equity
stake in the companies backed. The Capital Fund is operated by venture
capitalists, London Fund Managers (LFM), a division of Yorkshire
Fund Managers Limited (YFM). YFM is authorised by the Financial
Services Authority and is a member of the British Venture Capital
Association. The Capital Fund is sponsored by the London Development
Agency (LDA). The Fund's investors include the European Investment
Fund, Barclays, Royal Bank of Scotland, local pension funds and
the Department of Trade and Industry’s Small Business Service.
The fund will be invested over a period of up to five years in fast-growing
SME businesses based in Greater London.
NESTA (the National Endowment
for Science, Technology and the Arts) www.nesta.org.uk
NESTA was established by Act of Parliament in 1998 to pioneer ways
of supporting and promoting talent, innovation and creativity in
science, technology and the arts. NESTA’s income initially
came from the interest on an endowment of £200 million from National
Lottery funds and is now increased by additional endowments.
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