Medical Technology Firm Gets Funding Injection To Boost R&D Development

Medical Technology Firm Gets Funding Injection To Boost R&D Development

Andrew Kelly Corporate

Cirdan Imaging Ltd (Cirdan), a medical informatics and imaging technology company in Lisburn has received a £1.5m funding boost from the Growth Finance Fund, it was announced today.  Cirdan plans to create 50 new jobs over the next three years and has used the funding to facilitate its expansion plans with a move to a new office at the former Coca-Cola factory in Lambeg.

Finance for the £30m Growth Finance Fund has been provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).

Cirdan was established in 2010 and specialises in technology that supports and speeds up diagnosis, primarily used by those working in pathology. The company’s main products are ‘ULTRA’ a Laboratory Information System (LIS) which supports and streamlines the operations of a clinical laboratory and CoreLite, an x-ray system that helps expedite breast cancer diagnosis.

Dr. Hugh Cormican, CEO of Cirdan, said: “Cirdan has spent the last number of years developing a suite of innovative informatics and imaging products that are gaining increased recognition and traction in a global marketplace. We have recently signed a new deal with a US distributor for our Corelite product and won a new multimillion-dollar LIS contract supporting laboratories in Singapore and Malaysia, which are exciting new developments for the company.

“The increase in sales and demand for our products has resulted in the requirement for further funding to support the continued R&D spend and working capital needs.

He added: “Due to accelerated growth, we have moved to larger premises that will support the needs of our expanding team. Our new Lisburn headquarters situated by the scenic Lagan towpath will allow us to accommodate up to 150 staff.

“The objective over the next 18 months is to grow our footprint in the US, Oceania and EMEA markets. Our new production facility will enable us to enhance the product offering we can provide to customers in these key target markets.”

David McCurley, Director, Head of Investments Growth Finance Fund, said: “Cirdan has secured a number of successful investments over the past few years and this latest funding round will help them to further enhance their R&D capabilities.

“Early stage diagnosis of health conditions is a global issue as populations get older. The innovative work undertaken by Cirdan will ensure medical professionals have the most up to date tools available to better treat patients.”

The Growth Finance Fund provides loans from £500,000 up to £2m to established high growth potential SMEs in Northern Ireland.  Companies seeking funding must be based in Northern Ireland and demonstrate existing growth.

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