City law firm Speechly Bircham LLP has advised Close Ventures Limited on its participation in a £2.6m second round investment in Dexela Limited. Close Ventures, who is the lead investor and participated in the first round investment in May 2006, was joined by London Technology Fund as a co-investor.
Close Ventures is one of the UK's leading venture capital investors, with seven VCT funds and £250 million under management. It offers investors sustained growth and a regular dividend stream through investing in strongly placed, strategic businesses with strong management teams.
Dexela develops 3-D imaging technology known as Tomosynthesis, initially focused on the early detection of breast cancer. Conventional mammography still has a considerable rate of both false negatives and false positives, particularly in young women. Dexela’s innovative approach to 3-D imaging aims to reduce both false negatives and false positives, allowing the earlier detection of cancer while reducing the occurrence of call-backs.
Dr Andrew Elder, the Director at Close Ventures who led the investment, comments: “We were pleased to work with Speechly Bircham on this transaction. In light of the current business climate, Speechly Bircham has remained flexible to our requirements and provided cost-effective and practical advice, which helped this deal run smoothly”.
The Speechly Bircham team was led by senior Corporate assistant Charles Frank with support from Corporate assistant Natalie Saleh.
For more information, please contact: Charles Frank, senior Corporate assistant, on 020 7427 6541 or charles.frank@speechlys.com
Sarah Gerard, press office, on 020 7427 6679 or sarah.gerard@speechlys.com