Medtech start-up raises £1.4m for device designed to ‘take the guesswork’ out of knee operations
A medtech start-up whose sensor technology could improve outcomes for patients having knee replacement operations has raised £1.4m to bring its device to market.
Eventum Orthopaedics has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors including several world-leading orthopaedic surgeons.
Based in Ilkley, Yorkshire, the company was founded by John Naybour and Paul Atherton, who between them have almost 50 years’ experience in the field of orthopaedics and previously held senior roles with Johnson & Johnson. They have been joined by Mike Cripps, the former MD of Leeds-based Panintelligence, as Non-Executive Director and Jon Gonzales as Finance Director.
Around 2 million patients a year worldwide undergo a total knee replacement, and this is expected to rise to 3.5 million by 2030. However studies suggest that up to 20 per cent of patients are dissatisfied with their outcome. Eventum believes that the key to improving success rates is a greater focus on the positioning of the kneecap, which plays a significant role in the overall function of the knee.
Having created early prototypes with input from eminent surgeons worldwide, Eventum has now developed a unique and innovative device that will be the first to provide real-time measurements of this area during the operation, enabling surgeons to improve their decision making.
The funding will allow the team to finalise development and bring the product to market in 2022. As part of the investment Alan Ashby, who has held senior roles with international medical companies, has been appointed as Non-Executive Chair.
John Naybour, Eventum’s CEO, said:
“I have spent my working life involved in developing products to improve total knee surgery. It is exciting to be part of a small med tech start up with a big vision to deliver accessible innovation to improve patient outcome for total knee patients across the globe.”
Tom Kitchen of Mercia added:
“With a more active, ageing population, demand for total knee replacements is growing rapidly but clearly success rates need to improve. Eventum’s device could offer a solution by removing the guesswork from surgery and providing accurate measurements. This is an exciting development and the fact that surgeons themselves are willing to invest in it is a major vote of confidence.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Capital Solution’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
Mercia has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£872million of assets under management and, since its IPO in December 2014, has invested over c.£106million across its direct investment portfolio.
The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
About The Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the
Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or
regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders
can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS