A Nottingham company has secured a six-figure funding package to help it launch its specialist medical devices products.
Olberon Medical has received the money from Enterprise Loans East Midlands and the Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund.
The company was founded by Arash Bakhtyari, who has been a practicing doctor for 25 years, in 2005 after he recognised the need for specialist medical devices that would improve intravenous accessibility and help with ear and nose procedures.
Bakhtyari said: "As a doctor, I found many common tasks quite challenging with the available equipment and I wanted to create solutions to solve these difficulties.
"I formed Olberon 13 years ago and soon had a few investors and fellow doctors on board. Ever since, we have been working hard to develop a strong portfolio of in-house patented medical innovations.
"We received a loan from Enterprise Loans in the early stages of product development and had a fantastic experience.
"We therefore knew we wanted to work with them again for our second wave of funding and they explained that the Midlands Engine Investment Fund could be the right finance option to help grow our business.
"We received a loan of £100,000 which has supported the manufacturing of the new Vacuderm™ and also allowed us to go to market.
"We have been able to send samples to distributors worldwide and now have 25 on board who will bring our products to the intended end user – hospitals."
Sukhveer Chirrimar, loan fund advisor at Enterprise Loans East Midlands, said: "We are delighted to support Arash again, especially as he was one of the first businesses to receive funding through the MEIF.
"I think that he has a really solid business plan and his projection figures are really promising.
"The products are so niche and specialist that combined with Arash’s expert knowledge and experience we are confident that they will be incredibly successful in improving patient experience and we wish Olberon every success moving forward."
Grant Peggie, director, British Business Bank, said: "The British Business Bank is committed to improving regional finance markets, especially in cases where providing extra investment can have such positive effects on local communities.
"Olberon Medical is an innovator, bringing a new product to market that will improve patient care and experience.
"We look forward to seeing Olberon make a positive impact on the healthcare sector."
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.