Mirada Medical secures funding for expansion

Mirada Medical, a software product that helps doctors use medical images to diagnose and treat cancer, has received additional funding to accelerate the company’s growth plans. UK-based Albion Ventures is backing the company.

PRESS RELEASE

Mirada Medical, a world leader in innovative software products that help doctors use medical images to diagnose and treat cancer, announced that they have received additional funding to accelerate the company’s growth plans. The investment will fuel the expansion of Mirada’s product distribution worldwide and support accelerated product development through the addition of new high-value scientific and engineering positions at their Oxford, UK headquarters.
Mirada’s products are designed to simplify technically complex image quantification, allowing clinicians to confidently diagnose disease, assess response to treatment and plan radiation therapy or surgical intervention.
Albion Ventures is investing a further £0.85M in Mirada Medical, in addition to new equity which was acquired by the employees and founders of the company. This follows Albion’s initial investment of £1.5 M in 2008 and reaffirms their confidence in Mirada’s management, technology and world-class products. Albion works with smaller companies and entrepreneurial management teams, helping businesses like Mirada Medical grow by providing financial resources, as well as strategic counselling.
“Mirada has been an excellent investment for Albion and we are delighted to support its continued growth” explained David Gudgin, Partner at Albion Ventures. “Since our initial investment, 80% of the Mirada’s sales have been generated from outside the UK, demonstrating how VCT funding can help to generate export-led growth. We look forward to helping the firm to grow sales of its proven imaging software.”
Further confidence in Mirada comes from their imaging software being selected by world leading cancer centres and hospitals around the globe, including: Oxford Cancer Centre, Clatterbridge Cancer Centre, Gray Institute for Radiation Oncology and Biology, Rikshospitalet, Copenhagen, MD Andersen Cancer Centre, Johns Hopkins Medical Centre, Memorial Sloan Kettering Hospital and UCLA.
“We are delighted to continue partnering with Albion and their investment will play a key role in driving the business forward,” stated Hugh Bettesworth, CEO of Mirada Medical. “Their support acknowledges our ability to deliver on our plans and will enable our further rapid expansion into global healthcare markets.”

For more information, please contact:
Mirada Medical
US/Worldwide: Robert Ripley
Tel: (440) 591-8638
Insource Communications
rripley@insourceinc.com
enquiries@mirada-medical.com
www.mirada-medical.com

World Headquarters:
Oxford Centre for Innovation
New Road, Oxford
OX1 1BY
United Kingdom
Tel: +44 (0) 1865 261410

U.S. Headquarters:
Mirada Medical USA, Inc.
999 18th Street
Suite 2025N
Denver, CO 80202
Tel: (303) 379-9228
Albion Ventures
David Gudgin
Partner, Albion Ventures LLP
020 7601 1853

Patrick Evans / David Sells
Citigate Dewe Rogerson
020 7638 9571

About Mirada Medical Ltd
Mirada Medical is a prominent global brand in medical imaging software. Mirada’s innovative software solutions are routinely used in radiology, molecular imaging, radiation oncology and in multidisciplinary meetings throughout hospitals, imaging centres and cancer centres worldwide. Mirada excels at combining scientifically advanced technology with practical application for diagnosis, management and treatment of cancer and other diseases. Mirada products are available directly from the company, and also through a broad network of well-known healthcare companies such as Varian, GE, McKesson, Siemens, Vital Images and select others. Mirada was originally founded in 2001 by medical imaging researchers at Oxford University. The company’s world headquarters remains in Oxford, England and continues to attract preeminent talent in science and engineering.

Mirada Medical, RTx, Casemeeting, Caseaccess and XD3 are all trademarks of Mirada Medical Ltd.
About Albion Ventures
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £240 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out over £117 million in dividends to shareholders.
Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Conduct Authority.
Albion Ventures recently launched Albion Community Power (ACP), a power generation company designed to offer investors relief from inheritance tax after just two years. ACP aims to be a major producer of community scale renewable energy by raising up to £100 million to power some 35,000 UK homes.