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X-ray specialists benefit from funding

An X-ray technology firm based in Durham has secured a £1 million investment deal, allowing the company to create 13 new jobs whilst also bringing its equipment to market.

Headquartered in the NETPark in Sedgefield, IBEX Innovations will use the funding package to develop new technology that can be used in conjunction with existing X-ray systems to lessen the radiation exposure to patients whilst also sharpening image quality.

The North East Venture Fund (NEVF) provided the latest round of investment, supported by both Mercia Fund Managers and the European Regional Development Fund. Current investors, IP Group, also reinforced the funding package.

Chief executive of IBEX, Neil Loxley, said: "[The funding] will enable us to meet our goal of become a leading provider of X-ray imaging technology to the $15 billion medical imaging market.

"The funds will be used to finalise and certify the IBEX Trueview product and to secure deals with more than five of the top medical imaging suppliers in the next three years."

IBEX received legal advice from Ward Hadaway, and Watson Burton advised NEVF and Mercia.

Head of the North East division of Mercia, Ian Wilson, commented: "IBEX is bringing X-ray systems into the 21st century with enhanced images and improved patient safety. The funding will allow it to roll out its systems into clinics and hospitals and as a result improve patient care considerably."

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