Deepbridge complete initial £3m Zilico raise
Zilico, part of the Deepbridge Technology Growth EIS portfolio, has secured investments totaling around $19 million (around £13.7 million). As part of this investment, Deepbridge has contributed £3 million of this, with other backers including MaxHealth Medicine Group. Deepbridge is now in discussion with Zilico regarding a further fund raise.
Zilico intends to use the funds to continue its global expansion plans for ZedScan™ across the UK, Europe, and China and take the product through its regulatory trials in the US.
Led by Sameer Kothari, CEO, the company develops ZedScan™, a cervical cancer diagnostic system currently in routine use across a number of UK hospitals and supported service evaluations in France, the Netherlands, Poland and Finland. Zilico's product portfolio is centred on its patented Electrical Impedance Spectroscopy (EIS) technology, applicable to a wide range of neoplastic conditions.
Sameer Kothari, CEO of Zilico commented:
"We are seeing double-digit growth in the uptake of medical devices in countries such as China, as they focus on improving standards of care. This deal supports our global aspirations of introducing ZedScan and our proprietary Electrical Impedance Spectroscopy (EIS) technology into emerging markets, who are rapidly adopting medical technologies to help better manage patient diagnosis and treat disease."
Following the deal, MaxHealth Medicine Group, with its headquarters in Wuxi, will lead the registration of ZedScan™ with the Chinese Food & Drug Administration (CFDA).
Dr Savvas Neophytou, Partner and Head of Life Sciences at Deepbridge, said of the deal:
"We are delighted to be working closely with the exceptional team at Zilico. We are excited at the potential of electrical impedance spectroscopy for medical applications and the team at Zilico has already demonstrated its significance with ZedScan."