£350k Seed Fund Backing for NeoCare Set to Transform Care of the Elderly

29 November 2005

A University of Liverpool spin-out company is set to revolutionise resident care in nursing and care homes all over the UK with backing from MSIF's new £27m Liverpool Seed Fund.

NeoCare has been set up after several years of intensive research in the Centre for Intelligent Monitoring Systems, based in the University of Liverpool. The £350,000 investment means that, after successful trials, the company can now take its product to market.

The high-tech intelligent monitoring systems enable nursing staff to track the movement, safety and welfare of residents, particularly the elderly and vulnerable. These systems mean that staff can be alerted to a range of potential problems, keeping residents safer and freeing up nursing time to attend to other care responsibilities.

The technology is fundamentally different to existing monitoring systems. It is non invasive and can detect and monitor individual behaviour patterns, as well as trigger an alarm when care staff when elderly people fall or stray into unsafe places, eliminating the need for a manual panic button.

Dr. Rob Head, Managing Director of NeoCare said, "We are delighted that MSIF's Liverpool Seed Fund has recognised our unique commercial and technical strengths. The backing means we are now in a position to enable residential care homes to use staff time more effectively, improve the quality of care provided and reduce costs.

"Liverpool Ventures provided a valuable and influential role in our refinancing of NeoCare Ltd through the MSIF Seed Fund. Liverpool Ventures were also most helpful in preparing us for submitting our proposal to MSIF and the process we would subsequently engage in."

Darren Gowling, Investment Director of the Liverpool Seed Fund said: "We are pleased to be supporting the development of NeoCare. The team has developed cutting edge technology which has the potential to make a very significant impact on patient care. In today's era of an aging population we expect there will be a high demand for these systems which will make a big difference to the safety and care of a great many people."

The company will be working closely alongside Liverpool Ventures which provides support services to businesses backed by the Liverpool Seed Fund.

Advisors involved in the deal were lawyers Brabners Chaffe Street acting for MSIF and Mark Forman of Powell Forman Kelly acting for NeoCare.

Ends

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040

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L-R Dr Rob Head, MD Neocare, Catherine Simmonds, care assistant at the Dundoran Nursing & Residential Home, Darren Gowling , Investment Director of MSIF's Liverpool Seed Fund.

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