Penningtons Manches Cooper’s corporate team has advised two Oxford medtech companies on investment from EIT Health, the knowledge and innovation community of the European Institute of Innovation and Technology. EIT Health provided co-investment alongside existing investors in the two companies.
Orthox Holdings, which develops tissue regenerative implants, and Oxford Endovascular, which creates medical devices for neurovascular disease, were the only two UK companies selected by EIT Health to receive support from its Start-up Rescue Instrument, a fund created to alleviate the economic shock posed by the Covid-19 pandemic. Both companies are existing clients of Penningtons Manches Cooper.
Earlier this year, EIT Health invited ‘highly innovative’ early stage medtech, biotech and digital health companies to apply for the Start-up Rescue Instrument. Funded through the wider EIT Crisis Response Initiative, those seeking to benefit from the investment had to demonstrate that planned fundraising rounds had been affected by the current crisis and undergo extensive due diligence by medical, industry and investor experts.
The Penningtons Manches Cooper team consisted of corporate partner James Went and corporate senior associates Attilio Leccisotti and Dominique Sabatini.
James Went commented: “We are delighted to see our clients benefit from EIT Health’s programme. The pandemic has created a difficult environment for medtech and biotech start-ups at a time when the world is looking to these industries for answers. Their selection for this competitive programme is a big vote of confidence for both companies. ”