A new £2m investment fund is being launched to speed the best British medical inventions and ideas to a worldwide market.
Designed to help surgeons and other medical practitioners develop their concepts into commercial reality, the fund is managed by successful surgical implants and medical devices manufacturer, Leeds-based Xiros, a company that has registered numerous patents for new medical components in its 22-year history.
Ready for lift-off: Xiros managing director Adrian Howe (right) and David Beevers
We are experts in developing surgical procedures and fast-tracking them to market, and we are launching this fund to bring the best British designs and ideas to market in partnership with surgeons and other medical practitioners,” said David Beevers, business development director of Xiros.
Commenting on the initiative, Durham-based orthopaedic surgeon Mr Andrews Jennings said: “This is a welcome British shot in the arm for the medical product market, which is invariably led by the USA. Xiros is providing an excellent opportunity for some home-grown product development.”
The Xiros Neoligaments product range includes one of the world’s leading prosthetic ligament products and the portfolio has grown to include ligaments for knee, shoulder and ankle joints, successfully used to restore the movement of over 100,000 patients’ injured joints.
“Our unique mix of research, design, engineering, production and sales and marketing skills, coupled with intellectual property experience allows us to help bring ideas and designs to reality, and more importantly make them commercially successful products selling around the world,” David Beevers said.
“We will use the fund to invest in the development of product ideas in exchange for a share of the intellectual property rights and potential future profits. In exchange, surgeons, therapists, academics and medical practitioners will gain from cash investment into development facilities, intellectual property protection, legal services and production expenses.
“Our expertise in gaining product approvals worldwide would also cover legal services, research, testing and training. The concept is to enable surgeons and others to come forward with an idea or invention we can help to develop, manufacture and market for them, removing their exposure to risk, then sharing in rewards should they be forthcoming.
The fund is being launched with a number of focus events and workshops with key audiences. Xiros also plans regular attendance at key medical events across the year where it will discuss challenges and opportunities facing surgeons, physiotherapists, academics and other medical professionals to identify potential candidates for funding.