31 July 2007
 

Nottinghamshire-based Pegasus Equine Diagnostics (PED) Ltd has secured a significant cash investment from the East Midlands Early Growth Fund, managed by E-Synergy Ltd and funded by East Midlands Development Agency (emda). The investment, worth £200,000, was recently agreed by E-Synergy and is the sixth investment made since emda launched the Fund last November. It will build on the £10,000 Technology Award which PED received in May through the EMNET-managed and emda funded ANUBIS II business technology competition.
PED has pioneered innovative blood tests for the prevention and treatment of two serious diseases in horses: Cushing’s syndrome, a condition with some similarities to human diabetes, and laminitis, a common and extremely painful hoof condition. The new laboratory services are based at the BioCity Innovation Centre in Nottingham and will provide veterinary practitioners with custom-built sample tracking and secure web access to integrated test results.
The East Midlands Early Growth Fund is a £5 million venture capital fund that has been set up by emda to invest in regional start-up and early-stage businesses. The Fund specifically targets companies with real growth potential, valid intellectual property and ambitious management teams.
Jonathan Lowe, emda’s Head of Investment, said: “Pegasus is a unique company which shows real commercial potential, and such innovative businesses are vital to the economic prosperity of Nottinghamshire and the wider region. I’m delighted that the Early Growth Fund has helped another SME to overcome barriers to growth and I wish the company every success in building on its scientific excellence in the future.”
PED has forged commercial partnerships with a German laboratory service provider and manufacturer, and also a well known UK animal feed company in order to provide practical applications of its academic research and access different market sectors. As laminitis is one of the hot topics in veterinary medicine today, PED’s developments are expected to be of great interest to equine veterinary practices in the UK, Europe and worldwide. The technology also has the potential to be taken up by over 1,300 veterinary practices in the UK which deal with companion animals, as it concentrates on factors which change during the aging process. This market potential means the company hopes to employ up to fifteen people in the next couple of years. The recent equity investment has enabled PED to offer employment to Zuo Yen Lee, a Molecular Biology Masters Degree student at Nottingham Trent University who recently won the East Midlands’ International Student of the Year, 2007.
Sue Haritou, Managing Director of PED, comments: “PED was formed because I could not find a commercial lab which would provide the tests my horse needed to recover from Cushing’s syndrome. emda’s initiatives have helped us greatly in making what originally “cured” one horse into a commercial reality for others.”
Mike Bowman of the East Midlands Early Growth Fund added: “As millions of horse owners know, laminitis is a horrible debilitating disease and there is no known cure. Sue and her team have taken a very novel approach to finding a treatment, and although it is still early days, she has made remarkable progress to date and we feel confident that PED is well on the way to offering an effective remedy”
Tim Miller, Managing Director of EMNET, which runs the ANUBIS II competition, said: “PED’s success is underpinned by its innovative and commercial use of technology to create a practical solution for its customers. The judges in the ANUBIS II competition clearly chose a winning business which has the vision to turn ideas into a commercial reality.”
BioCity Nottingham has been a cornerstone of PED’s successful development to date, providing a supportive community of life science companies and laboratory and conferencing facilities within one site. Glenn Crocker, CEO of BioCity commented: "This investment is a testament to what can be achieved through dogged determination and a strong belief in the value of your discovery. It’s a credit to Sue that she has been able to turn an idea into a business in this way and I am delighted that BioCity has been able to contribute to the process."
ENDS
For more information, please contact Clare Baker, emda Media & PR Manager, on 0115 988 8583 or clarebaker@emd.org.uk
Notes to editors
About Pegasus Equine Diagnostics Ltd
PED is a bioscience company founded to provide practical applications from academic research. For more details on PED visit www.pegasusdiagnostics.com
About the East Midlands Early Growth Fund
The Fund was officially launched by emda in November 2006 and is managed by E-Synergy Ltd. It aims to help the region’s start-up and early stage businesses by addressing the ‘equity gap’ which restricts young businesses from accessing growth funding. Specifically, it will concentrate on the lower levels of the equity gap, for businesses seeking between £20,000 and £200,000 of finance. The Fund was approved by emda’s Board in December 2005 and following a competitive tender process, E-Synergy was appointed in September 2006 to manage the fund. For further information, visit http://www.earlygrowthfund.com/
About emda
East Midlands Development Agency (emda) was set up in 1999 to bring more jobs and skills to the region and make the East Midlands a better place to live and work.
The new Regional Economic Strategy – ‘A Flourishing Region’, co-ordinated by emda and launched in July 2006, sets out priorities for the region until 2020. Its publication follows the most comprehensive consultation ever undertaken in the East Midlands where more than 1400 stakeholders and partners, thousands of members of the public had their say on the future of the region. The RES highlights the themes of productivity, sustainability and equality and is underpinned by ten priorities. For more details visit http://www.emda.org.uk/
About E-Synergy Ltd
E-Synergy is a private investment company which specialises in developing new approaches to assist start-up and early growth of small businesses. This London-based company was formed in 2000 by experienced Chief Executives of successful technology companies and venture capitalists. For more information, visit http://www.e-synergy.com/ E-Synergy has recruited staff to deliver the Fund in the East Midlands and has established a regional office based at the Silverstone Innovation Centre in Northamptonshire (01327 856032).
About EMNET
EMNET is a leading internet solutions provider based in the East Midlands. For more details visit www.emnet.co.uk For more information on ANUBIS please visit www.anubisproject.co.uk
About BioCity Nottingham
BioCity Nottingham is a groundbreaking new healthcare and bioscience innovation and incubation centre and has the potential to be one of the largest in the UK and Europe.
For more information, visit http://www.biocity.co.uk