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03 June 2015

eLucid mHealth set to revolutionise healthcare technology after The North West Fund for Micro Loans £49.5k investment

Press Release 3rd June 2015

Business Finance Solutions (BFS) has awarded innovative healthcare tech company e Lucid m Health a £49,500 investment from the £3m North West Fund for Micro Loans to bring their patented series of medical monitoring products to market in the UK and overseas.

The Fund, which is managed by BFS and the Merseyside Special Investment Fund (MSIF), has been closely tailored to the investment needs of the region's businesses and provides loans of £25,000 to £50,000 to businesses at all stages.

e Lucid m Health, who are based at Manchester Science Partnership, is a full service provider of software, hardware, medical devices and cloud support. They will be using the funds to continue the development of a range of remote dispensing and monitoring devices, which will address the serious £350million problem of patients not taking their medication. All of the core products are connected to smartphones using Bluetooth to track when patients dispense their medication, giving health professionals accurate data to enable them to deliver better patient care.

One of the first inventions is eBottle, an intelligent remote dispensing system for the safe
delivery of tablets which has multiple applications across toxic or time sensitive drug regimes. The technology platform is specifically designed to link into other diagnostic and screening devices such as blood glucose, non-contact thermometers, oximeters and blood pressure monitors. The company is also in the process of creating new devices for patient groups such as diabetes, schizophrenia, mental health and pain management via its on-going work with the NHS.

e Lucid Directors, founders Graham Howieson and Dr Farid Khan are both specialists in the medical sector with expertise in medical packaging and biopharma and diagnostics respectively. Graham is also a Director of GP Solutions (UK) Ltd.

Graham says: "One of the biggest issues in healthcare today is to improve the efficiency and effectiveness of patient facing care and digital technology is set to play a major part in
transforming the delivery of accurate medication and wellness solutions. To achieve this we have to increase the level of patient adherence across all walks of life, especially supporting vulnerable patients. This is a costly issue, which needs to be addressed and to quote the US Surgeon General, Evelyn Kopp "Drugs don't work in patients that don't take them".

"The work being performed at e Lucid is ground-breaking and could have numerous applications in general health and acute care. Our combined platform solutions give health professionals the tools and the technology to save lives and money as well as empowering patients to live a happy and healthy life. Thanks to the loan from The Micro Fund, we are now able to move forward our development and employ new staff to fulfil the relationships we have in place with some of the largest healthcare companies in the world and with the NHS here in the UK."

Paul Breen, Director of BFS which jointly manages The North West Fund for Micro Loans, said:  "We want to make it easier for innovative businesses like e Lucid m Health, who are creating products that will save and improve the lives of people across the world, to access the finance they need to start up or grow the kinds of businesses that will help the economy thrive.   We know there is a real appetite for this level of investment of between £25,000 and £50,000, especially for those companies who may not have been able to secure funding from traditional lenders."

Businesses interested in applying to The North West Fund for Micro Loans can complete an online application form at www.thenorthwestfund.co.uk or contact the team on 0161 245 4952 or at thenorthwestfund@business-finance-solutions.org.uk

The £3 million North West Fund for Micro Loans provides loans of £25,000 to £50,000 to businesses at all stages, whether they are just starting up or looking to expand. The North West Fund for Micro Loans is part of The North West Fund, a substantial evergreen fund supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to growing small and medium-sized enterprises in the North West of England.

 

 


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