Ocelus
Business profile
Location: south east Wales
Sector: medical devices
Web site: ocelus.net
Investment
First round: £50,000 (plus a £50,000 Welsh
Assembly Government single investment grant)
Second round: £315,000 (plus a further £147,000
Welsh Assembly Government single investment grant)
Type: equity
Executive: Jocelyn Brown
Advisors
- Hugh James Solicitors provided specialist legal advice for
Finance Wales, including IP issues
- Capital Law provided legal advice for Ocelus
- PharmaVentures conducted due diligence
- IP Pragmatics conducted an IP review
Why we invested
Ocelus is an early stage company
with unique IP. It's developing a unique method of
administering drugs without a needle. Its product has the potential
to create substantial savings for drug companies and the health
service and reduce discomfort to patients.
The company has a strong management team. Its founder, Dr Andrew
Kirby is a serial innovator in academia and start-up
companies.
The outcome
Ocelus has used both investment rounds to advance towards
commercialisation. It has completed proof-of-concept and developed
a pre-production prototype. It is currently:
- Conducting industrial research with leading micro-engineering
and pharmaceutical companies
- Producing optimised prototypes for testing in human skin
- Improving the technology's performance and usability, working
with medical device design company, Bang and Olufsen
Medicom
- Moving into new laboratory premises
Testimonials
"This latest round of funding demonstrates Finance Wales'
commitment to Ocelus and its technology." Dr Andrew Kirby.
"Ocelus' technology has attracted a great deal of interest
internationally. Our follow-on funding will allow it to progress to
the next stage prior to commercialisation." Jocelyn Brown,
investment executive, Finance Wales.