LBA (London Business Angels) £332k Investment

Online, March 21, 2012 (Newswire.com) - LBA (London Business Angels) £332k investment cornerstones Michelson Diagnostic's £607k funding round and takes LBA's total level of investment in the company to over £1.5m since 2007

Kent based medical device specialist, Michelson Diagnostics, has closed a £607k funding round which was cornerstoned by a £332k investment by LBA. The company has developed a unique laser scanning technology that can image skin and other surface tissue at much higher resolution than has been possible before. The company's first product based on this technology, "the Vivosight Scanner", has the potential to address the multi - £BN market for the non-invasive diagnosis of non-melanoma skin cancer. The product has entered commercial service at leading dermatology clinics in the U.K, U.S.A and Germany. The funds will be used to expand sales & support infrastructure in U.S.A and Europe to respond to growing demand for the product and are in addition to the £1.92m Series A round which the company completed in October 2011.

Jon Homes, Michelson Diagnostics CEO, comments:

"LBA has been instrumental in Michelson Diagnostics' success to date, both in terms of investment at critical stages of our growth, and much valuable practical business advice and support from LBA members and LBA management team. I strongly recommend LBA to entrepreneurs seeking investment, and to private investors looking for a well-managed business angel network"

Anthony Clarke, CEO of Angel Capital Group and Managing Director of London Business Angels, comments:

"Michelson Diagnostics first presented to LBA in 2007 and has raised over £1.5m from the network since then. This latest funding round should give the company the financial support required to exploit the steadily growing demand for its products worldwide. The business is a very good example of the power of patient angel capital being deployed to fund a company's equity gap in its early years of development."