A Manchester-based business which aims to recover a patient’s own blood from swabs during surgery is seeking to raise almost £600,000 via crowdfunding platform SyndicateRoom.
SwabTech has created a device which can collect and clean blood lost during operations before being returned to the same patient. This could potentially save money and provide faster recovery times for patients.
SwabTech has already received more than £435,000 towards its target of £579,973, of which £400,000 is from its lead investor Catapult Ventures, an independent capital fund manager that launched in 2002. A 43.5 per cent equity stake is being offered in return.
Chief executive Marcus Orton said: “The gap in the market that SwabTech has seen is that too much of a valuable resource of patients own blood is thrown away. Our automated equipment is about obtaining that blood and giving it back to the patient as soon as possible.”
Co-founder Dr Sarah Haynes added: “We are now in the position where we have a mechanical device to test further and progress further to take it to market.Investment at this stage will help us do that.”
SwabTech plans to use the funding to develop its product further and to take it through regulatory testing required for medical equipment. The cash will also help with marketing strategy and to release and increase further its existing Innovate UK grant funding.
If successful, the medical device is predicted to generate revenues of £3m a year. The business is now in talks with three potential buyers and SwabTech has anticipated a trade sale within three to five years of launching.