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Press releases — 20th September 2004

IMPT raises over £300,000 for revolutionary Materials Coating Process

IMPT Ltd, a spin-out company from Imperial College London, has raised £300,000, as part of a larger funding round, with the help of Oxfordshire Investment Opportunity Network (OION), Europe’s leading business angel network. IMPT has also been awarded a prestigious DTI Grant for R&D of £200,000. The funding will enable IMPT to develop its innovative and cost-effective coating process for materials ranging from gas turbines to hip implants, fuel cells, sensors and glass.

IMPT’s new patented coating process, known as ESAVD (Electrostatic Spray Assisted Vapour Desposition), produces high quality thick and thin film coatings at very low cost for use on a wide range of products in the gas turbine engine industry, as well as for biomedical and fuel cell applications.

Mr Jeff Lyons, Chief Executive Officer of IMPT, explained:

“Our ESAVD coating process can generate massive cost savings over existing processes, and has been tested and verified by leading players in our target industry sectors. ESAVD is operated in the open air at low temperatures, eliminating the need for expensive equipment, such as high-vacuum chambers. Some high-vacuum based systems can cost as much as $25 million. ESAVD is also a highly efficient and environmentally friendly process. ESAVD could revolutionise biomedical devices, such as hip implants, as it can completely cover implants with a long lasting protective film so patients will not require replacement surgery as frequently as with current implants.”

Mr Lyons praised Oxfordshire Investment Opportunity Network (OION):

“The OION Network promptly arranged for us to present to investors at one of their regular meetings, which brought us the vital capital we needed as well as useful contacts. The new investment raised through the OION Network will allow us to develop a demonstration machine, which could lead to machine orders and licensing opportunities for our ESAVD process.”

Dr Jon Cox, Manager of Oxfordshire Investment Opportunity Network, said:

“We congratulate IMPT on their successful fundraising. On this occasion, we matched IMPT with Lacomp, one of several EIS (Enterprise Investment Scheme) fund members of the OION Network. IMPT’s novel coatings technology offered a very attractive investment opportunity as it has such huge potential for applications across a range of industries. OION brokers deals for innovative technology businesses across the UK. Many are university spin-out companies like IMPT, and OION is uniquely positioned to help them.”

IMPT is based in BioCity Nottingham, the UK’s largest bioscience and healthcare innovation centre in the heart of the East Midlands.

Dr Glenn Crocker, Chief Executive of BioCity Nottingham, said:

“IMPT was one of the first companies to move into BioCity, and we are delighted that they are thriving here. BioCity aims to provide bioscience start-ups with the infrastructure and services they need to grow into substantial enterprises. This includes access to finance through technology investment networks such as OION.”

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. Oxford Investment Opportunities Network (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION's members, which include over 130 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. IMPT LTD (Innovative Materials Processing Technologies)

    Press enquiries to: Jeff Lyons, Chief Executive Officer.
    Tel: +44 (0)115 912 4293 Email: jeff.lyons@imptl.com
    Website: www.imptl.com

    IMPT is a spin-out from Imperial College, London and was established to exploit the technology known as ESAVD (Electrostatic Spray Assisted Vapour Deposition) developed by Dr Kwang-Leong Choy, the company’s founder. Dr Choy is now Professor of Materials at Nottingham University, and the company is based in BioCity Nottingham.

    The ESAVD process can create thin or thick films on a variety of flat and 3-D substrates, including metal alloys, ceramics and glass, and is protected by several worldwide patents. The defining characteristic of ESAVD is that the coatings can be produced in air at atmospheric pressure and low temperature. Other methods, such as PVD – Physical Vapour Deposition – and FSD – Flame Spraying Deposition – need expensive vaccuum chambers and equipment. IMPT has also used the ESAVD process to produce nanosized ceramic powders.

  3. BIOCITY NOTTINGHAM

    Press enquiries to: Dr Glenn Crocker, Chief Executive Officer.
    Tel: +44 (0)115 912 4210 Email: g.crocker@biocity.co.uk
    Website: www.biocity.co.uk

    Opened in November 2002, BioCity Nottingham provides 12,000 sq m of state of the art laboratories, equipment and office space for both bioscience start-ups and more established ventures, with support services specially tailored to the bioscience and healthcare sector. The premises in Nottingham city centre were donated by BASF plc, the world’s largest chemical company, to Nottingham Trent University – believed to be the largest ever corporate gift to a new university.