The healthcare investment vehicle Impel Healthcare Catalyst has announced an additional seven figure investment into its portfolio business Trio Healthcare.
The funding will be used to fast-track the development of Trio’s production facility at its state-of-the-art manufacturing plant in Skipton, North Yorkshire, ahead of the anticipated launch of a product for the ostomy market later this year.
Ostomy is a procedure to re-direct the bowel to an exit through an opening in the abdomen wall. Founded by Lloyd Pearce in 2006, Trio develops, manufactures and distributes a range of ostomy products, which have delivered year-on-year growth for the company.
Trio has also won two Queens Awards for Enterprise in recognition for its contribution to technology and innovation.
Impel, which was founded by Richard Anderson and Spencer Kerry, who are part of the former management team of Crawford Healthcare, made its first major investment of more than £15m into Trio, taking a majority stake in the business. Mr Anderson and Mr Kerry have joined the Trio board.
A spokesman said: “This latest investment will accelerate Trio’s plans to finalise the development and commercialisation of a product which is hoped will transform the lives of ostomy patients worldwide.
“The new manufacturing process will be patent protected and will open up opportunities for a number of new highly-skilled jobs in the region.”
Richard Anderson, co-founder of Impel, said: “This is a crucial time for the multi-billion-pound ostomy market. With innovation at a standstill for over 60 years, the patients are in desperate need of innovation and the multinationals are flailing. Even worse, in some cases products are being withdrawn from the market due to the risk of harming patients.
“Industry data indicates that 50 per cent of all ostomy patients report significant skin complications as a result of the products they are given and 50 per cent of those patients believe this to be normal.
“We at Trio believe it doesn’t have to be this way, and have accelerated plans to develop Trio’s new manufacturing plant and bring our game-changing product to market earlier than planned.”