The new chief executive of medical technology business Ambicare has revealed plans to grow sales from £1 million to £10m in the next four years.
Paul Donnelly has held a number of senior roles including chairman at Surgi-C, chief executive at Idiba Medical Group, European marketing director at Johnson and Johnson and European managing director of SSL International. He has been working with Edinburgh-based Ambicare as a consultant since the start of the year, but was appointed chief executive earlier this month.
The company is planning a rapid increase in the distribution of an acne treatment device – the Lustre Pure Light – which was launched in January.
The hand-held device provides intensive photodynamic (PTD) therapy and means patients can wear it at home rather than travelling to health centres or hospitals for treatment.
The UK, Ireland and Holland are the initial core markets, while discussions with potential distribution partners in France, Germany and Italy are at an advanced stage.
Mr Donnelly said: "I've been brought in to help form a commercialisation strategy because of the experience I have in building and growing international medical device companies.
"We are aiming to go from £1m to £10m over the next three-and-a-half to four years in a very structured and focused way.
"My role is to make sure we can supply the demand. It takes about six months to really launch a market, so there is a lot of work to do.
"We are working on limited resources, so you tend to have to partner. Some of the people we are talking to are also considering investing in Ambicare."
The company has just completed a £1.1m fundraising with around 80% coming from existing investors such as Longbow Capital, the Scottish Venture Fund and DC Thomson.
Mr Donnelly, Ambicare's new head of operations Brian Murray, and some unnamed clinical partners have also invested.
The demand was so high the business hopes to raise a further £400,000 before the end of May.
The money will be used to accelerate plans to launch in the United States in the second half of the year, support back office systems and IT, plus accelerate the pace of research and development.
The company's lead product, Ambulight PDT, was launched commercially two years ago and is a plaster for treating skin cancer using photodynamic therapy. It is sold in Europe through distribution partners including Bo Pharma, Alpharad, Biosonic and Fritsch Medical.
Glasgow-born Mr Donnelly said: "The size of the acne opportunity is significantly bigger than for non-melanoma skin cancer so our focus is 80% on rolling out Lustre Pure Light.
"In England the Primary Care Trusts are very receptive to the ambulight approach as it is saving them up to 40% of a normal photodynamic therapy service. So we have a few business cases in front of trusts right now."
Ambicare was spun out of Ninewells Hospital in Dundee and St Andrews University in 2004 by dermatology professor James Ferguson and organic semi-conductor professor Ifor Samuel.
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