PolyPhotonix expands into larger NETPark premises following deal with Lloyds Bank
Medical innovator PolyPhotonix Medical has expanded into larger premises following a £200,000 finance package.
The County Durham -based maker of masks for the treatment of Diabetic Retinopathy has moved into new space at the North East Technology Park in Sedgefield, following invoice financing from Lloyds Bank.
The move is to support the marketing and sale of the firm’s Noctura400 mask and the new premises will accommodate a set of new laboratories for product development.
Noctura400 is designed to treat sight problems caused by Diabetes – one of the most common causes of blindness in the western world.
Since a North East pilot launch in 2014 the mask has been sold widely in opticians across the UK, and the firm has now started export sales in Europe.
PolyPhotonix Medical chief executive, Richard Kirk, said: “The past few years have been extremely exciting for the company, as we’ve brought the Noctura400 to market and started to export, and the move to the new premises will help us to continue with our rapid rate of expansion.
“I have worked with light all my life, first as an artist and then more recently in my research and development companies, working on bio-photonics based research.
“However, being able to use my expertise to develop a product which could benefit so many people is extremely rewarding.
“We have been fortunate enough to source a great deal of support from UK government grant funding, in particular from Innovate UK and the NHS. Indeed, the NHS is now one of our major research partners.
“In the coming years we will be concentrating on evolving a range of new products, and having our own dedicated labs should aid the research and development process significantly.”
Terry Brown, business development director at Lloyds Bank Commercial Finance, added: “PolyPhotonix Medical is a unique business with an innovative product that has the potential to help millions of people around the world.
“We recognised that moving to the new premises would help the company to pursue new avenues, using the extra space to drive growth whilst developing new technologies.
“Invoice finance facilities are ideal for fast-growing companies like PolyPhotonix Medical, as they provide the flexibility to take on new contracts and invest in the company without affecting their day-to-day cash flow.”