Ward Hadaway fixes it for medical equipment company | 28 November 08
A MEDICAL equipment maker pioneering a new way of healing fractures and broken bones has secured a funding injection – with the help of North law firm Ward Hadaway.
Cambfix specialises in innovative, high quality medical devices for use in orthopaedic and trauma surgery.
The company, which was founded in 2004, has developed patented technology that heals fractures without leading to complications such as infections, stiffness and inability to move.
It has now secured new investment of £130,000 from the North East Equity Matching Fund (NEEMF) and the University of Cambridge to help commercialise its technology.
Leading North law firm Ward Hadaway advised Cambfix on the funding round.
Damien Charlton, partner in the commercial department at Ward Hadaway, led the firm’s team on the deal.
Damien said: “Cambfix has developed real cutting edge technology to address a problem found around the world.
“We are really pleased to have helped the company to secure this investment which will help to bring that technology to market.”
Cambfix is run by Dr Ali Bajwa, an orthopaedic surgeon who works in the North East, and by a former banker Linda Pomeroy.
The company’s initial products are targeted at the estimated 1.5 million ankle and wrist fractures which occur every year in the US and Europe.
Cambfix claims that over a third of these cases develop a complication during treatment such as infection, stiffness, loss of fracture position and loss of productivity which its technology will address.
The company estimates that this could save at least $8m a year for the healthcare industry.
Cambfix’s technology has already received widespread recognition, winning the University of Cambridge business creation competition and getting through to the final of the Medical Futures Innovation Awards.
It has previously secured financial backing from the North-East Proof of Concept Fund, the Three Pillars Fund and from regional development agency One NorthEast.
Linda Pomeroy, co-founder of Cambfix, said: “This technology has the potential to be used in hospitals and trauma centres across the world, not only saving the healthcare sector valuable funds, but also improving the comfort and recovery of thousands of patients.
“This latest investment will enable us to take the next steps forward so we are grateful to Ward Hadaway for their hard work in helping to secure the funding.”