WIREDGOV

These pioneering companies will be presenting to potential investors and the wider community about their developments and investment potential at Venturefest Wales next week.

Nine companies – all of whom were shortlisted for the MedTech Launchpad competition run by the Government’s innovation experts Innovate UK, will be at the one day event tomorrow (29 September) at the SWALEC Stadium, Cardiff. This comes at the end of a six month period of business support activities provided by the Welsh Government.

The businesses include Swansea University spin out Glyconics that has identified markers in the sputum of chronic obstructive pulmonary disease (COPD) patients and developed a portable device that can determine whether COPD is present within a matter of minutes.

COPD is a major clinical problem worldwide affecting 240million people and the third leading cause of death.

The accurate diagnosis of the disease has not materially improved over the last 50 years and swift diagnosis means it can be actively managed at an early stage to reduce future problems and cut hospitalisation rates.

Glyconics will undertake two key clinical validation studies next month and plan a commercial launch in the UK immediately after the trials.

The company intends to target the large global market for COPD through direct sales in the UK and a distributor network overseas.

Cotton Mouton Diagnostics (CMD), a spin out of Exeter and Cardiff Universities, is developing a point of care test for the rapid diagnosis of sepsis - a life threatening disease that afflicts 20 million people worldwide annually and kills more than 37,000 people a year in the UK.

It imposes a massive burden on global health care resources, with an annual cost to the NHS of more than £2.5 billion.

CMD aims to deliver a low-cost, point-of-care diagnostic reader, generating revenue through high-volume consumer sales.

The Launchpad project is supporting the development of the technology to unequivocally demonstrate its efficacy.

Others planning to present at Venturefest under the MedTech Launchpad are: Syml Connect; Orb Technologies; Melys Diagnostics; Accentus Cardiac; Llogic Healthcare, Telonostix and GP Commissioning Services.

Economy Minister Edwina Hart said:

“The work being undertaken by these young and early stage businesses is quite remarkable and show huge potential, both from a commercial and healthcare perspective. Funding through the MedTech Launchpad illustrates the importance of early stage funding to help young businesses with highly innovative inventions and bright ideas to develop, refine, test and take their products to market.”

Kevin Baughan, Director of Technology & Innovation at Innovate UK, who also sponsor Venturefest, added:

“Venturefest Wales is a unique opportunity for innovative firms to showcase their work, share ideas and secure investment. So there’s no better place for the winners of our South Wales Medtech Launchpad to exhibit and build momentum with their ventures.

“Like everything Innovate UK does, these events are inspired by the global markets of the future, accelerating business growth, encouraging collaboration and boosting productivity. Venturefest Wales is a real opportunity to show the strength and depth of Welsh innovation”