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01 October 2012

The North West Fund for Biomedical invests £110k in biomedical software firm

Press Release 1st October 2012

The North West Fund for Biomedical, managed by SPARK Impact, has invested £110,000 in a business that makes software that allows biomedical companies to comply with legislation.

The Compliance Control Ltd software allows organisations which are subject to regulatory standards, in sectors such as pharmaceutical, life sciences and medical devices, to validate their processes and monitor their compliance in real time, replacing ad-hoc systems and unmanageable paperwork.

Using a dashboard traffic light system, ComplianceControl Centre alerts organisations to areas of potential non-compliance, while the company's cGARD product allows subscribers to access more than 22,500 records of regulations and guidance across various jurisdictions.

The North West Fund for Biomedical is a sub-fund of The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.

Compliance Control Ltd, based in Northwich, Cheshire, plans to use the money, in conjunction with a Technology Strategy Board award, to ensure continued development and scalability of the solution, and to strengthen its sales and marketing activity.

David Forrest, chief executive of Compliance Control Ltd, said: "We believe this software could be a game-changer for small and medium sized businesses, reducing the risk and cost of non-compliance and allowing them to focus their finances on R&D and sales processes.

"The investment from The North West Fund for Biomedical and their belief in Compliance Control has not only allowed us to achieve the progress we have thus far, but it also positions us to realise the true potential of the business."

Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: "I am delighted to announce this investment into Compliance Control Ltd.

"David and his team have an excellent track record in the field of validation and compliance and their software will provide a tremendous boost for early stage organisations as they bid to expand their operations while staying on the correct side of the regulatory track."

To date, The North West Fund for Biomedical has received more than 200 applications for funding and continues to receive a high volume of good quality investment opportunities.

 


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