A NORTH-WEST businessman has set up a new venture to help early stage biomedical companies put the right management in place to secure funding for further growth.

Michael Norris has set up Manchester-based Norris Biomedical Services to provide services for small and medium sized biomedical businesses looking to develop and implement their commercial business plans. 

The company comprises a team of over 30 expert consultants from a variety of backgrounds, including early stage technology development specialists, doctors and experts in biomedical fields such as pharmaceuticals and medical devices. 

Michael, of Wigan, comes from a corporate finance background and also heads up Rivertime Corporate Finance, a specialist advisor to the biomedical sector. He has more than 20 years’ experience as a chief executive officer (CEO) and chief financial officer (CFO) and currently holds chairman or non-executive director roles with a number of biomedical companies which have received external equity investment. 

Speaking about why he set up the company, which also has an office in Liverpool, Michael said: “Biomedical SMEs face many challenges, particularly in the first six months to two years as they typically look to secure essential investment and successfully take a product or service to market. During this time of rapid growth, having an experienced management team onboard to oversee expansion is known to offer real benefits. 

“We are familiar with the challenges facing these small companies because we have had first-hand experience of them, and can understand the issues from the business owner’s perspective. This makes the team at Norris Biomedical Services perfectly placed to react to specific problems quickly and to set the business on the right track for future success. 

“We’re confident there is a market out there for this type of consultancy work and look forward to working with biomedical companies across the North West and UK wide to help them to prosper. We know there are hundreds of early stage biomedical companies out there which have the potential to make a huge impact on the healthcare industry and potentially change the medicine of tomorrow. 

“However it is often the case that scientists want to invest in research but there comes a time when the business needs to make money if it is to survive. Our aim is to help early stage biomedical companies to steer them in the right direction and ultimately succeed commercially which is not an easy thing to do.” 

Statistics show that up to 90 per cent of early stage biomedical businesses fail before they reach profitability and the biggest reason is that the management team in the company has not adapted to match the changes in the life cycle of the business. 

Dr Andrew Round is investment director at SPARK Impact (part of SPARK Ventures) and managers of the North West Fund for Biomedical, which has invested more than £17 million in SMEs across a range of biomedical areas including pharmaceuticals, medical devices and diagnostics. He said: “What makes the team at Norris Biomedical Services really stand out is the fact they have a team of people that have all ‘been there and done it’ and most have the scars to prove it. 

“They understand the complexities and challenges around running a small biomedical business which mainly include having to wear several different hats at once, raise finance and run a successful company at the same time. We have now used Norris Biomedical Services on several occasions and have taken on their team members in full and part time executive roles as well as more interim fund raising and chief financial officer type positions. I would happily recommend Michael and his team to colleagues and clients - the team do a great job, are easy to deal with and have the knowledge and experience needed.”

more about early stage biomedical funding

more about Norris Biomedical Services