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Investments Made

The Scheme has made six investments totaling £600,000 in six companies, as follows:

Cipher Surgical - £100,000 invested

Cipher has patented the Laporojet, which is a device that cleans the screen of a laporoscope, a camera used to provide visibility to surgeons carrying out laporoscopy operations (“keyhole surgery”). Millions of laporoscopy operations are carried out world wide each year. The company expects to receive CE marking in late 2011 and to commence marketing the product thereafter.

MMIC Solutions - £100,000 (£50,000 + £50,000) invested

MMIC has licenced high frequency, millimeter wave chip technology from Qinetiq. The Qinetiq patented technology offers a “packaging” solution that enables very high frequency chips to achieve highly optimised performance. MMIC anticipates large markets for these solutions to support cellular phone networks, and as components in imaging devices for security environments eg airports. Significant orders for MMIC’s mobile network devices have been received.

MtM - £50,000 invested

MtM has developed a patented lateral flow cartridge that facilitates accurate control of fluid flow to enable testing by a micro array. A patented LED based testing system is used to read the micro arrays. The devices are used to detect the presence of serum immunoglobulin in a number of allergens, offering optimised tests for a wide array of allergies. They can also be used as a diagnostic for a number of other conditions, including asthma. The company anticipates receiving CE marking early in 2011, following which revenues are expected to commence.

Phasor Solutions - £100,000 invested

Phasor is developing flat panel antennae that are built up from multiple panels of ASICs (silicon chips), each of which contains a large number of individual antenna elements. The ASICs are based on a new high frequency process technology using Silicon Germanium, allowing for significant reductions in chip size and cost of the system. The flat panel antennae are targeted at large markets in train and military communications sectors.

Following earlier development delays, units of the Receive chip have been received for testing, from the fabricator..The Transmit chips will then be submitted to the fabricator for production. Phasor is currently raising additional funds at a valuation 50% below the earlier subscription price.

Spark Energy - £100,000 invested

Spark is a licensed utility that sells electricity and gas to customers in tenanted properties. It has achieved significant growth in its business and has engaged some of the largest UK letting agents as sales partners. Difficulty has been experienced in billing energy customers due to the complexities of the UK energy data information systems, although significant improvement to Spark’s data production has been achieved in 2010.

Urosens - £150,000 (£100,000 + £50,000) invested

Urosens has been granted exclusive worldwide licences by Cancer Research UK to develop and market bladder and prostate cancer diagnostic tests, based on its urinary test for the Mcm5 protein. A report by the British Journal of Cancer stated “urinary Mcm5 detection seems to be a simple, accurate and non invasive method for identifying patients with prostate cancer”. Clinical trials will be conducted by Urosens in order to obtain a CE marking for both the bladder and prostate cancer diagnostics, which is expected to be obtained in Summer 2011. Funding is currently being raised by Urosens to meet the trial costs, at a valuation 25% higher than the price the Scheme invested at in March 2009

For further information, please contact: 

James Leay 

T: 0238 122 3697

E: leay@beerandpartners.com