Case Studies . Perspectum Diagnostics
Assistance with securing grant funding that was needed to help the company expand and cope with growth.
Medical Imaging technologies
Perspectum Diagnostics, has developed a unique product to diagnose and measure the treatments of liver disease using Magnetic Resonance.
The product known as ‘LiverMultiScan’ removes the need for costly and painful biopsies by adding software to a standard MRI system making it possible to assess liver tissue in a single 15 minute scan. Doctors are able to make a diagnosis within minutes in addition to assessing disease in the liver by measuring the amount of fat, iron, fibrosis and inflammation in the same scan.
In September 2016, the British Medical Journal published a health economic model which showed that use of the new scan could save the NHS over £500 per patient, suspected of having liver disease; over 5% of the general population is known to have liver disease.
The University of Oxford spin-out has more than tripled its headcount in addition to opening two US offices in the last two years due to the success of the LiverMultiScan.
Perspectum Diagnostics initially sought help with funding to assist the adoption of its LiverMultiScan in the UK, US and across Europe.
In addition, it was recognised that business support was needed to help the company expand and cope with growth.
Perspectum Diagnostic’s founding CEO, Dr Rajarshi Banerjee, first met Oxford Innovation advisors at a workshop hosted in Oxford to assist in writing grant applications for Horizon 2020 funding.
Through Oxford Innovation’s support and ability to humanise the application process, Perspectum Diagnostics was successful in winning €3.4million of funding through the SME Instrument to help with the EU adoption of the LiverMultiScan.
In addition, Perspectum Diganostics was awarded a further €1.1million of Eurostars funding to develop R&D centralised analysis and diagnostics for complex paediatric liver disease in collaboration with a Polish software company.
“If we hadn’t worked with Oxford Innovation Advisors, we would have perhaps managed to submit one Horizon 2020 application but certainly wouldn’t have been awarded two grants in the same year.”
“The SME Instrument grant has assisted us with the adoption of the LiverMultiScan device. We have already opened two US offices.
Our Innovation Advisor has also been able to reach out to his extended network across Europe to provide us with contacts for our health economic study for Poland, Germany, the Netherlands and Portugal. This included connecting us to a Polish software company who we are now working with to develop a new way of diagnosing liver disease in children.”
Investment led to Perspectum Diagnostic’s rapid growth and Oxford Innovation identified the need for Dr Rajarshi Banerjee and his team to analyse how it was coping with change by using a tool called GROWTHmapper® used by over 14,000 SMEs to date.
The first step was for each member of Perspectum Diagnostic’s senior management team to answer an online questionnaire that probes the key issues facing high growth businesses. Results were analysed and reported to on a non-attributable, anonymous basis and were used by the Innovation Advisor to facilitate the development of an agreed plan of action.
The senior management team took the decision to promote a member of staff following feedback on organisational structure in addition to improving environmental credentials.
Innovation Advisor, Jakub Rakoczy, of Oxford Innovation, explains:
“Perspectum was originally focussed on R&D activities but its founders came to recognise that they required external business support to complement their scientific expertise. We used our unique Oxford Innovation GROWTHmapper tool to assess their strengths and weaknesses whilst gaining a deeper understanding of how the management teams were aligned in their views of the business.”
Perspectum Diagnostics has graduated from Oxford Centre for Innovation, managed by Oxford Innovation, to its own office in central Oxford.
The LiverMultiScan device is currently under consideration by the National Institute for Health and Care Excellence (NICE) for adoption by the NHS for liver diagnosis.
Perspectum Diagnostics has ambitions to become the provider of choice to diagnose liver disease in the US, UK and Europe with its R&D Portfolio progressing to help the company move into the cancer space.
Oxford Innovation’s Innovation Advisors will continue to work with Perspectum Diagnostics to help build on its success.