Medtech company secures investment

Manchester-based medtech company eLucid mHealth has secured investment from the GM&C Life Sciences Fund.

The fund, which is based in Alderley Park, is a seed and early-stage venture capital fund targeting life sciences businesses in the Greater Manchester and Cheshire and Warrington region. It is managed by Catapult Ventures.

The fund is the result of a collaboration between Cheshire & Warrington Local Enterprise Partnership, the Greater Manchester Combined Authority, Cheshire East Council and Manchester Science Partnerships.

Dr James Burnstone, chief executive of eLucid mHealth, said: "We're delighted to have Catapult Ventures join us as investors. Their backing and commercial insights will accelerate our patient-centric development program and support our product launch into clinical trials.

"This approach means our solutions are aligned in supporting both patients and health providers, something we believe is vital to ensure the success of future medical products."

Nick Wright of Catapult Ventures added: "eLucid's patent-pending technology has a number of advantages over the plethora of reminder services and 'smart' pill boxes and caps recently launched that try to help adherence, but without the risks associated with invasive options like 'smart' pills. The eLucid solution is also the only technology we know to support and enhance virtual trials."

Turner Parkinson acted as legal adviser to eLucid with a team led by corporate partner Stephen Hadlow. Solicitors Luke Philpott and Ryan Tweedale were also part of the law firm's team.

Melanie Yeomans of Ward Hadaway advised Catapult Ventures on the transaction.