Northeast medical innovation company Polyphotonics has secured a six-figure investment to boost its development of a sleep mask that protects the vision of people with diabetes.
Diabetic retinopathy is caused by high blood sugar levels that damage the retina and can lead to blindness if left untreated, and is one of the leading causes of blindness in the UK. However, PolyPhotonix's Noctura 400 mask is a treatment that can reduce and even reverse the effects of diabetic retinopathy by delivering light therapy through the closed eyelids while the wearer sleeps.
Current treatment pathways simply monitor patients with early signs of disease until their eyes worsen and are candidates for treatment. However, providing the Noctura 400 sleep mask early on can restore patients' vision, reduce hospital referrals, and avoid costly and invasive injections later in life, saving around £3,000 per patient per year. You can save money.
The Sedgefield-based business now has a customer service center in the Tees Valley and an office in South Durham, and is managed by FW Capital and part of Northern Powerhouse Investments, NPIF-FW. The company has received investment from Capital Debt Finance. Fund.
The funding follows a partnership agreement with Embecta, a global diabetes equipment provider based in New Jersey, USA, to support a new customer service center and promotion of the Noctura 400 mask in the UK. In November 2022, Noctura 400 received UK NHS approval, allowing the product to be launched in the UK and Ireland following last year's deal with Embecta, with other countries to follow.
The product has also received regulatory approval in Europe, Brazil, Hong Kong, Singapore and Argentina.
Richard Kirk, CEO of PolyPhotonix, said: “The partnership agreement with Embecta is very important to us as it gives us a greater voice and opens more doors. It has great potential worldwide as it can be treated at a fraction of the cost, and trials have shown that the technology can also improve vision.
“Funding from FW Capital will help us achieve our goals. Keith and his team were very easy to contact and made this process go smoothly.”
Keith Charlton, fund manager at FW Capital, added: “Polyphotonics is transforming diabetic eye care, with a non-invasive, cost-effective approach benefiting both healthcare professionals and patients. The time is right. We have great potential for growth overseas. The management team is experienced and Richard is highly regarded in the field. We are delighted to support PolyPhotonix with this funding. , PolyPhotonix will be able to provide Noctura 400 masks to more NHS healthcare providers and their patients.”
Keira Shepson, director of British Business Bank, said: “This contract is proof that Northern companies are at the forefront of advances in medical technology and it’s great to see the Northern Powerhouse Investment Fund playing its part in bringing Polyphotonics’ products to life. is.”
“This deal also highlights the incredible innovation coming from the Tees Valley region, which is becoming a key pillar in delivering a thriving northern economy.”
