- Weight-loss start-up closes equity funding round led by Selvedge Venture, alongside Nesta, Ada Ventures, Oxford Innovation EIS Growth Fund, Verve VC and several angels
- The new funding will be used to test Sirona, a hydrogel-based weight-loss solution, in human trials
- Excess weight affects two-thirds of the US and UK population and there is an urgent need for a safe, effective and affordable solution
Oxford, United Kingdom, 9th March 2022 / Sciad Newswire / Oxford Medical Products has raised £2.5M in equity investment to conduct first human trials of Sirona, its innovative non-surgical weight-loss solution. Sirona is a hydrogel-based technology in a tablet format that, once swallowed, expands in the stomach, stops feelings of hunger and suppresses appetite.
Partnering with Southampton and Bristol University Hospitals, Oxford Medical Products will use the funding to run human trials, testing Sirona’s safety and efficacy as a weight-loss solution. The money raised will also be used to develop line extensions to specifically help patients suffering from type 2 diabetes and non-alcoholic steatohepatitis (NASH), alongside initial research into a drug delivery platform for Oxford Medical Products core hydrogel IP.
A similar mechanism of appetite suppression has proven effective in gastric balloon procedures, however these need to be carried out in a hospital and are costly. Sirona tablets can be taken at home and stay in the stomach for several weeks. They work 24/7 before breaking down over time and passing naturally.
Dr Camilla Easter, CEO of Oxford Medical Products, said: “We want to empower people to lead their own weight loss journey, remove the need for invasive or unaffordable treatments, and bring weight-loss solutions to everyone who needs them. Sirona will give people an option that has never been possible before – an easy and affordable way to control appetite and lose weight.”
The funding was led by Selvedge Venture with Nesta, Ada Ventures, Oxford Innovation EIS Growth Fund, Verve VC alongside several angel investors including Dr Nick Edwards, a founder of the company, and Dr Jan Hruska, co-founder of Sophos.
Alasdair Thong, Founding Partner at Selvedge Venture, commented: “Sirona has the potential to become a powerful new treatment for patients suffering from metabolic syndrome conditions including type 2 diabetes, NASH, cardiovascular disease and obesity. Selvedge Venture are excited to support Oxford Medical Products’ journey as Sirona starts clinical development and other parts of the hydrogel platform progress for additional commercial applications.”
The minimum cost for current weight-loss surgeries is approximately £4k per treatment. Sirona will be brought to market at a fraction of this cost, allowing millions more to benefit from effective and safe weight-loss solutions.
ENDS
Notes to Editors
About Oxford Medical Products
Oxford Medical Products (OMP) was founded in 2017 by Professor Jan Czenurska and Dr Hutan Ashrafian who combined their world-renowned expertise in hydrogels and bariatric surgery to help people with weight loss. Dr Camilla Easter and Dr Nick Edwards, two medically trained entrepreneurs, joined OMP to turn this vision into a reality.
OMP has engineered a hydrogel with three distinct actions. It expands rapidly in the stomach, stays there for a prolonged period of time, then breaks down gradually and passes naturally. These properties create the potential for a novel, breakthrough treatment for weight loss.
Excessive weight affects 1.9 billion people worldwide and is estimated to cost the global economy more than $2tn each year. It causes 80 per cent of type 2 diabetes cases and is the second biggest environmental cause of cancer. The estimated annual medical cost of obesity in the United States alone was $260 billion in 20161.
As part of the company’s growth, it is expanding its team and is currently hiring for a Chief of Staff to help further support the growth of OMP. OMP will also be recruiting for their human clinical trials later this year.
For more information go to www.oxfordmedicalproducts.com.
- Direct medical costs of obesity in the United States, https://pubmed.ncbi.nlm.nih.gov/33470881/
For more information please contact:
Oxford Medical Products
Camilla Easter
T: +44 (0)1993 685404
E: enquiries@oxfordmedicalproducts.com
Media enquiries
Sciad Communications
Amy Thomas / Darya Shulakova
T: +44 (0)20 3405 7892
E: omp@sciad.com