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Press releases — 24 February 2003

CYBERSENSE BIOSYSTEMS RAISES £225,000 FOR TECHNOLOGY TO BEAT CONTAMINATION

A company that is adapting the latest bioluminescent biosensor technology for industrial applications has raised over £225,000 from one of Europe's leading technology business angel networks. The funding will enable Cybersense Biosystems Ltd, based at Oxford's Institute of Ecology and Hydrology, to develop sales via an on-site toxicity testing service, complete prototype development and conduct nationwide trials of its ROTAS™ portable instrument, designed to rapidly detect toxicity in contaminated land - leading to a product launch in the UK in 2004.

The ROTAS™ (Rapid On-site Toxicity Audit System) provides a cost-effective way to rapidly screen and monitor the toxicity of soil, sludge and water samples. The biosensor contains bioluminescent cells that measure changes in bacterial bioluminescence in order to detect exposure to toxic chemicals.

Founder, Dr Tim Hart, identified the market opportunity for ROTAS™ while at Surrey University and span out Cybersense in 2001. He then teamed up with academics at Oxford University and the Centre for Ecology and Hydrology, Oxford to develop the product. Dr Hart said:

"The market for assessment of contaminated land in the UK alone is worth £384m and is rapidly growing, spurred by legislation aimed at cleaning up contaminated land and water resources. Market analyses show that a portable rapid toxicity testing system is urgently needed. We intend to make the ROTAS™ the first choice instrument for day to day testing at sites where workers or the public may be exposed to toxic chemicals. We already have some sales agreed with remediation contractors and are working with oil, waste, defence, transport and consultancy companies to develop and field test the technology.

I presented my funding proposal to the business angel investors that operate through the Oxfordshire Investment Opportunity Network (OION) because they provide access to capital and contacts to help technology ventures grow into profitable businesses.

The funding raised through OION means that Cybersense can leverage the DTI Biowise funding scheme for field trials and R&D, and complete prototype development. There are also projects in the pipeline which include the development of sensors for other applications, including the detection of chemical and biological warfare agents."

Alastair Cavanagh, Manager of OION, said:

"I congratulate Cybersense on raising the funding needed to take its product to market through OION. Our members chose to invest as a syndicate in Cybersense. Syndicates are an increasing trend, especially through OION, as they enable the investor members to pool their resources and bring a variety of experience to assess the business proposal. Syndicate investments are just as advantageous for the investee company, which may receive a larger sum and also gain access to a wider range of valuable business contacts.

Cybersense presented a sound business proposition based on an innovative technology that takes advantage of a rapidly growing market. The other plus factor is that the company has already achieved some sales and is working hard to build a customer base. Of course, our investors were also impressed by the fact that the company had previously won a DTI Smart Award and a £1m European grant to develop other research areas such as containment technologies. This will open up more markets for Cybersense."

Press Release Ends

NOTES FOR EDITORS

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

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY 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 150 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. Cybersense Biosystems Ltd

    Press enquiries to: : Dr Tim Hart, Chief Executive, Cybersense Biosystems Ltd
    Tel:+44 (0)1865 281973 Mobile: +44 (0)7900 217167 E-mail: tim@cysense.com