Femeda gains further backing
RisingStars backs the company to the tune of £2m
Femeda, which is developing a range of health products for women, has been backed to the tune of £2m in order to continue trials.
Middlesbrough-based company received the money from the RisingStars Growth Fund and will use it to develop its urinary incontinence product.
The product is being designed to be ‘self-treating’ and will match the company’s clinical product, currently being used by practitioners.
Rising Stars initially backed the company in 2003 when the company’s technology was at the proof of concept stage.
However, in the current funding round the investment group is being joined by Stargate Management and Acceleris Corporate Ventures.
Alison Kibble, chief executive of Femeda, said: “We’re delighted to have such a strong investor group to back our efforts.
“Our company is a great demonstration of how good investors can help build companies from the earliest stages.”
Jim Bradley, the company’s chairman, added: “We’ve had some interest from some of the major companies interested in this problem area, but we’re keeping quiet for the moment about exactly what our plans and product will be.
“This round will give the company the resources to get this revolutionary product ready for launch.”
© Crimson Business Ltd. 2007