The corporate team at Penningtons Manches Cooper has acted for OrganOx, a ground-breaking spinout company from the University of Oxford, on a £4.6 million investment from BGF.
The investment will fund commercial expansion of OrganOx’ first product, the metra, in the US, building on commercial traction in Europe, Canada and Australia. OrganOx metra is the world’s first fully automated system for keeping a human donor liver functioning for up to 24 hours outside the body. The device mimics the environment of the human body with warm, oxygenated blood and nutrients supplied to the donor liver in the crucial time between donation and transplantation increasing the time that donor organs can be preserved and enabling transplant teams to objectively assess the function of a donor liver before transplant.
BGF invests in growing businesses in the UK and Ireland through its network of 14 offices. It was set up in 2011 and has invested more than £2 billion in over 300 companies, making it the most active investor in the UK.
The Penningtons Manches Cooper team was led by corporate partner James Went, working with life sciences partner Chris Shelley and corporate senior associate Nicola Sole.
“Graham Yeatman, our CFO, and I felt very well supported and advised by Penningtons Manches Cooper at all times. I particularly wish to thank James Went and his colleagues - the team did a super job for us” said OrganOx CEO, Craig Marshall.
James Went commented: “It was great to work with OrganOx again on this significant transaction to fund its expansion and bring in a valued investment partner in BGF.”
This transaction demonstrates the continued strength of Penningtons Manches Cooper’s life sciences and growth company practices, which support innovative businesses with world-changing potential on a long-term basis throughout their life cycle. Penningtons Manches Cooper has a longstanding relationship with OrganOx, having acted for the business since it was spun out from Oxford University in 2008.