FEMEDA SECURES £2 MILLION FUNDING PACKAGE
25 April 2007
RisingStars Growth Fund investee, Femeda Limited, has completed a £2 million funding round to allow it to develop its new female health products.
Femeda, with headquarters in Middlesborough and its clinical development and research base in Manchester, is developing a self-treatment approach for female urinary incontinence and has a clinical product in development for use by incontinence practitioners.
RisingStars Growth Fund first invested in the company in July 2003 at the proof of concept stage, to allow it to complete initial development work and produce a device prototype.
RisingStars Growth Fund syndicated the funding round with NorthStar Equity Investors, Stargate Management and Acceleris Corporate Ventures.
Alison Kibble, CEO of Femeda said, "We're delighted to have such a strong investor group to back our efforts. Our company is a great demonstration of how good investors can help build companies from the earliest stages".
Jim Bradley, the company's Chairman said, "We've had some interest from some of the major companies interested in this problem area, but we're keeping quiet for the moment about exactly what our plans and product will be. This round will give the company the resources to get this revolutionary product ready for launch".
ENDS