Aberdeen-based life sciences company B1 Medical picked up the Most Promising New Life Sciences Company in Scotland at the SE Life Sciences Awards 2007 for its revolutionary orthopaedic inventions, set to aid sufferers of illnesses such as rheumatoid arthritis.
The company was founded in July 2006 with £1.3m investment from Sigma Capital Group PLC (AIM: SGM), the specialist asset management and advisory group, and Scottish Enterprise CIF. B1 Medical is a spin-out from the University of Aberdeen, the Robert Gordon University and NHS Grampian. From inception just six months ago, B1 Medical has licensed eight new products and expects to have the first product on the market during 2007. In terms of IP, the company has also obtained an exclusive ten year first option over all future medical devices for orthopaedics developed by the Institutions.
The company is involved with the development of orthopaedic products such as implants, trauma devices and diagnostic instrumentation. B1 Medical's inventions could make a real difference in the lives of those who, for a number of reasons, require small joint replacements. For example, the replacement of a small joint in a finger or toe, as treatment for rheumatoid arthritis, can dramatically enhance a sufferer's quality of life and reduce pain.
Neil Crabb, joint managing director of Sigma Capital Group, said:
“B1 Medical is an exciting company with a unique model of commercialisation which is attractive to investors. The company has enormous potential moving forward and the award is recognition of this. “The recent announcement of the establishment of our long-term working partnership with the Robert Gordon University, combined with our investment in B1 Medical, further demonstrates our commitment to enhancing and accelerating the commercialisation of intellectual property emerging from Scottish universities.”
Peter Seddon, chief executive of B1 Medical, commented:
“Winning the awards for most promising new life sciences company in Scotland is a real coup and demonstrates how the Universities and the NHS can work in partnership to deliver real results for patients. Sigma Capital has been an indispensable source of financial support throughout our stages of development.”
Backed by Scottish Enterprise, the annual Life Sciences Award recognises ground-breaking developments in healthcare, nutrition, medical devices and disease prevention within Scotland’s life sciences community.
Sigma Capital Group plc
Neil Crabb, joint managing director
020 7653 3200
Buchanan Communications
Diane Stewart/Karen Morrison
0131 226 6150
About Sigma Capital Group plc
Sigma Capital Group plc is an AIM listed UK asset management and advisory group, which focuses on Specialist Fund Management, Commercialisation of University IP and Property. Sigma was founded in 1997 by Graham Barnet and Neil Crabb, and has offices in Edinburgh and London.
Earlier this year Sigma announced the establishment of a new ten-year fund for investment in sustainable energy technologies, with a first closing at £6 million. The Sigma Sustainable Energies Fund attracted limited partners from both public and private sectors. A key feature of the Fund is the participation of FTSE 100 utility company Scottish & Southern Energy plc ("SSE") as a trade investor. SSE has committed up to £2.4 million to the Fund, alongside the European Regional Development Fund (£2.4 million), Scottish Enterprise Fife (£500,000) Sigma Technology Investments Limited (£400,000) and a group of private investors (£300,000).
www.sigmacapital.co.uk