Microvisk Technologies, the developer of a handheld system to monitor the blood clotting status of patients taking the drug Warfarin, today announced that it has strengthened its Board with the appointment of medical industry veteran, Bill Moffitt, as Chairman and Peter Whitehouse as CFO.
The company has also announced the broadening of its patent portfolio with the grant of its second patent in the US and first patent in Japan, as additions to its existing European and US patents.
The new appointments are made as Microvisk gears up for the launch of its Smartstrip® device onto the UK market this autumn and follow the company’s recent fundraising which saw the firm secure £6 million from existing investors in an oversubscribed round. It was the third successful funding round for Microvisk, which secured £10.5m within 12 months - the largest amount raised by a UK life science company.
A spin-out company from the Science and Technology Facilities Council, Microvisk has developed the world’s first medical diagnostic strip based on a Micro-Electro-Mechanical System (MEMS) that was created as a movement system for nano-robots. MEMS technology is used in the computer projector, iPhone and Nintendo Wii as well as in car engines.
Microvisk’s ‘SmartStrip®’ is a disposable strip that uses embedded sensors to measure the clotting speed of blood from a finger prick sample and the results are displayed on a handheld reader.
Microvisk is currently completing clinical trials in the UK and has expanded its research and manufacturing facilities. The company is also preparing to commence trials in the USA and Germany within the next six months, with product launches in both countries anticipated to follow in 2012.
Bill Moffitt has over 30 years’ experience in the diagnostics and medical device industry and is the president and CEO of Nanosphere in the US and the chairman of Glysure in the UK. Listed on NASDAQ, Nanosphere Inc, a nanotechnology-based healthcare company, offers breakthrough technologies to simplify diagnostic testing and was recently ranked by Massachusetts Institute of Technology as one of the world’s top 50 technology companies alongside Amazon, GlaxoSmithKline and Google.
Prior to Nanosphere, Bill Moffitt served as President and CEO of i-STAT Corporation, a developer of diagnostic products that pioneered the near patient blood analysis market. Bill Moffitt led i-STAT from its early stages to the company's flotation in 1992 and sale to Abbott Laboratories in 2003. Prior to i-STAT, Moffitt held executive positions with Baxter Healthcare Corporation, a $7 billion manufacturer and distributor of healthcare products, and American Hospital Supply Corporation, a $3.5 billion diversified manufacturer and distributor of healthcare products. Mr Moffitt holds a BS honours degree in zoology from Duke University.
Peter Whitehouse joins from IOTA NanoSolutions, a Unilever Ventures backed nanotechnology company, where he was Commercial & Finance Director and responsible for business development in the biocides, agrochemicals and specialty applications sectors. Peter has previously held finance director roles at biopharma and chemicals firms, Ipsen Biopharm and Avecia Biocides (formerly ICI/Zeneca). He has substantial experience in leading finance operations and managing development activities and acquisitions and divestments. He holds an M.Eng in chemical engineering from Imperial College and qualified as an accountant with Ernst & Young.