Vistatec York secures follow-on funding for pioneering ‘See & Treat' cancer technology
Vistatec York Ltd, whose groundbreaking technology offers the potential for earlier and more accurate detection and treatment of cancer, has secured follow-on funding from the White Rose Technology Seedcorn Fund (WRTSF). The company has also announced the appointment of James Spearman to the position of Chief Executive Officer. This latest funding brings WRTSF's total investment in Vistatec to just over £400,000.
Vistatec's technology is based on the research of Paul Walton, Professor of Bioinorganic Chemistry at the University of York. His work at the forefront of molecular imaging has resulted in a new method of locating and diagnosing cancer, which harnesses the tumour targeting properties of a protein called lactoferrin.
Professor Walton's patented technique marries the lactoferrin protein with a radioactive metal label. Studies have shown that the combined complex is rapidly taken-up by cancer cells, which could enable whole body imaging to be carried out using either a medical gamma camera – a piece of equipment readily available in over 19,000 hospitals around the world, or a PET scanner. Work to date shows that accurate images can be obtained within minutes– even with tumours as small as 2mm in diameter. It is a technology that has the potential to be not only faster and more accurate than the current leading technologies, but also much cheaper, and more widely available.
Vistatec is also extending its development program to enable its technology to be used to eradicate cancer cells immediately following their detection, by attaching a 'therapeutic payload' to the carrier protein. This could result in a highly targeted form of radiotherapy in which the tagged protein carries its payload to the heart of tumour cells, hastening tumour cell death without the need for surgery.
James Spearman's appointment as CEO is a welcome addition to the management team. Formerly a director of sales & marketing at Tyco Healthcare's Diagnostic Division and managing director of Optimize International Ltd., James' experience in the medical device and biotechnology sectors is expected to drive the company's commercialisation strategy forward.
“The funding from WRTSF is vital to our commercial strategy and will allow Vistatec to continue its excellent development progress,” said Spearman. “We now have two products in the pipeline – a diagnostic and a therapeutic – and are adding to our portfolio of patents. The next goal is to secure a strategic partnership with an established industry player and to steer the diagnostic product to market.”
Dr Susan Hill, White Rose Technology Seedcorn Fund Investment Manager, said:
“We are very excited by Vistatec's molecular imaging technology, which has tremendous potential. We first funded Vistatec in 2000 and are convinced that the diagnostic and therapeutic products represent a significant opportunity. We also welcome the appointment of James as CEO and look forward to the Company's future development”.
For more information, please contact:
Mr James Spearman. CEO Vistatec York Ltd. T: 01904 613 013
james.spearman@vistatec.co.uk
Dr Susan Hill, White Rose Technology Seedcorn Fund T: 0113 242 2644
susan.hill@aberdeen-asset.com
Notes for Editors
White Rose Technology Seedcorn Fund
The WRTSF is the venture capital fund owned by the universities of Leeds, Sheffield and York. It was created in 1999 with £4.5 million from the DTI's University Challenge competition and now stands at £9 million following further investment from member universities and Regional Development Agency Yorkshire Forward. It has to date invested in 18 spin-out companies based on leading-edge research at the three universities. The Fund is managed by Murray Johnstone Limited which merged with Aberdeen Asset Management plc in December 2000. The combined private equity teams now operate under the name Aberdeen Murray Johnstone Private Equity. Further information about the WRTSF can be found at www.whiteroseseedcorn.com
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7 June 2004 |