i2eye Diagnostics hopes to unveil first commercial device within six months
Edinburgh BioQuarter has today launched a new company to deliver the world's first visual field analyser for difficult to test patient groups.
i2eye Diagnostics has signed an agreement with the business investment syndicate Kelvin Capital and others for a “significant strategic investment” to complete the development of its world-first visual field testing instrument.
Existing visual field testing instruments only work when the patient's head is completely still, and also relies upon patient feedback and their understanding of the process to gather results.
This new technology, known as SVOP (Saccadic Vector Optokinetic Perimetry), monitors the patient's natural reactions to movement and light to analyse their visual field, without any need for them to keep still, understand the test or give feedback to the tester.
Its developers say the new device can test more than 90 per cent of the population, including children under twelve months old.
Peter Estibeiro, i2eye's chief executive, said: "Our instrument is a generation ahead of anything else currently on the market and has enormous potential.
“One of its first applications is in the monitoring and clinical management of children with brain tumours, where it can aid the decision making process potentially leading to a better outcome.
“The instrument will be on the market from the middle of 2012 and we are already seeing significant interest from leading paediatric medical centres around the world."
First round investment will see the first commercial product launch within six months, the company said.
The value of the market targeted by i2eye in the United States alone is estimated at $280 million, and it is estimated markets of similar potential are available across Europe and Asia.
The company recently returned from exhibiting at the AAO (American Academy of Ophthalmology) Conference in Florida and said there was “significant interest” from practitioners and distributors from all over the world.
The technology behind the i2eye visual field analyser has been five years in development, led by a clinical research team at the University of Edinburgh consisting of ophthalmologists, neurologists and medical physicists and led by Robert Minns, Professor of Paediatric Neurology.
I2eye Diagnostics has been formed with a management team working closely with the business creation team at Edinburgh BioQuarter.
Mike Capaldi, commercialisation director at Edinburgh BioQuarter, said: "i2eye Diagnostics is a world-first product in a solid market with a clear need for this kind of instrument.
“It's also an excellent example of the leading-edge research that's being undertaken at Edinburgh, and investors should expect to see more companies like i2Eye coming out of the BioQuarter in the months and years ahead."
Edinburgh BioQuarter is a joint venture between US life sciences investment firm Alexandria Real Estate Equities Inc, the NHS, the University of Edinburgh and Scottish Enterprise.
Its remit is to commercialise world-leading medical research by bringing investors, ideas and companies together at the BioQuarter campus on land near the new Edinburgh Royal Infirmary.