Upstream raises $750,000 for heart attack clinical trials
Christchurch based Upstream Medical Technologies has developed technology that could significantly reduce hospital admissions of patients presenting with chest pain.
Chief executive Dr Ruth Appleby said the company had completed fund raising of $750,000 in a record four days with the help of seed investment company Pacific Channel.
Dr Appleby said the technology would help identify potential damage to the heart before it happened, and discount the large number of people unnecessarily referred to hospitals
The technology came from research developed at University of Otago's Christchurch Heart Institute.
The money just raised was the first in further efforts to seek USD$5 million to fund a multicentre international clinical trial that would help secure regulatory approvals for the technology. The fund raising will be led by a UK-based investment company, Innovator Capital.
The shareholders in Upstream include the institutions; University of Otago through Otago Innovation Ltd (36 per cent), Powerhouse Ventures (13.5 per cent), NZ Investment Fund (7.5 per cent), and Pacific Channel (3 per cent). The balance shares are held in smaller percentages by private investors and including the researchers.
Upstream chief executive Dr Ruth Appleby and Associate Professor Chris Pemberton who is chief scientific officer.