OrganOx completes £6.4m equity fundraise
OrganOx, a world leader in normothermic machine perfusion (“NMP”) with its product the metra, which is transforming transplantation by increasing levels of organ utilisation and improving transplant logistics, today announces the completion of a £6.4 million equity fundraise.
The fundraise, which was led by Oxford Investment Consultants LLP and was supported by both existing and new shareholders, places OrganOx in a strong financial position.
The investment will also enable OrganOx to accelerate a number of programmes in its R&D pipeline, with a Phase I trial for a normothermic kidney perfusion device due to start later this year. As with liver transplantation, there is a clear unmet clinical need for technologies to improve the utilisation of donated kidneys, to reduce waiting list mortality and to ensure more patients can benefit from a life changing transplant.
The fundraise was a qualified financing conversion event and enabled the conversion of the £5.35 million of convertible loans from August 2020 to be converted into equity, transforming OrganOx’s balance sheet.
Dr Oern Stuge, OrganOx Chair, commented:
“The Company faces an important year with continued commercial rollout in UK & Europe and preparations to launch commercial activities in the US, pending FDA approval.”
Craig Marshall, OrganOx CEO, commented:
“We were absolutely delighted to complete the fundraise and by the support and encouragement we received from our shareholders. OrganOx now has a strong balance sheet and this best positions us for closing regulatory process with FDA in seeking marketing approval and commercialisation in the US, building the momentum of adoption of NMP across our broadening UK & European customer base, whilst also confidently investing in and accelerating our R&D programmes. We have a very exciting twelve months ahead and lots to achieve.”
George Robinson, Founding Partner at Oxford Investment Consultants LLP, commented:
“We are thrilled to continue to support OrganOx through a crucial time in its development. OrganOx is addressing a clear unmet need in the transplant market with its normothermic perfusion devices, improving the viability and supply of donor organs. This ground-breaking technology has the ability to significantly transform the lives of many thousands of people that spend several years on the organ transplant waiting list. We look forward to supporting the team as they seek US market approval and expand the reach of their lifesaving technology to the patients that need it.”
OrganOx is a UK based medical device company with a mission to save lives by making every donated organ count. OrganOx’s first product, the metra, is transforming liver transplantation, enabling increased utilisation of donor organs and improved logistics. During preservation with the metra the liver is continuously perfused with oxygenated blood, medications and nutrients at normal body temperature and physiological pressures and flows for up to 24 hours. This means the liver is functional throughout preservation allowing for evidence-based decisions on whether to transplant a donor organ. The metra has supported more than 1,000 liver transplants globally.
About Oxford Investment Consultants LLP (“OIC”):
OIC established the Oxford Technology and Innovations EIS Fund (“OTIF”) in 2015 to invest in high technology companies principally founded by academic researchers and entrepreneurs from the Universities of Oxford and Cambridge. OTIF typically invests in high growth Biotech/Healthcare and Deeptech companies at the Seed/Series A investment round stage. OTIF has invested £46.7 million in a portfolio of 41 spinouts to date and made its first investment into OrganOx in 2016.