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07-27-2006, 05:33 AM
London University Spin-out Company raises funding to develop Innovative Software for Clinical Trials

IXICO Ltd, a London University spin-out company that has developed innovative software to automate the analysis of digital clinical images used in drug discovery and development, has raised £930,000. The Capital Fund, a £50 million venture capital fund that invests in fast-growth companies in Greater London, provided £100,000, investing alongside high net worth investors who furnished £830,000. The deal marks The Capital Fund’s 40th investment since it was launched in 2002 and IXICO’s management team plans to use the new capital to fund its development programme and significantly grow the business.
Founded in 2004, IXICO provides state of the art image analysis solutions for pre-clinical and clinical trials that are based on sophisticated computer algorithms devised by its four scientific founders. The company’s software can automatically analyse thousands of digital images, such as MRI, CT and PET scans collected during clinical trials, to provide pharmaceutical companies with fast, accurate results about the impact of potential new drug molecules on disease effects such as brain volume changes in dementia or bone degeneration in arthritis.

Professor Derek Hill, Chief Executive Officer of IXICO Ltd, said: “The current approaches to medical image analysis in clinical trials rely on highly-skilled radiologists and technicians ‘reading’ and painstakingly comparing images that are often acquired at different centres and different points in time. This process is expensive, time consuming and subject to error.

Our service is completely automated and uses sensitive and reproducible algorithms to quantify changes in the patient over time and hence assess the effectiveness or ineffectiveness of a treatment during trials. It can also compensate for the misplacement or movement of a patient in the scanner, compare images taken at different points in time and provide a full audit trial of the analysis process. As our service is scaleable, it can be used to analyse thousands of images in very early drug tests or in late phase trials. The end result for patients is the faster development of new, more effective treatments for painful or life threatening conditions.”

http://www.innovations-report.com/html/reports/information_technology/report-68275.html