Oxford-based OrganOx is the medtech company that developed the metra, a groundbreaking device that is predicted to increase dramatically the number of livers that can be safely used for transplantation. The metra stores organs at normal body temperatures for extended periods of time, enabling an assessment of function before transplant.
The firm’s liver perfusion machines were approved by the UK’s National Institute for Health and Care Excellence in January 2019, with the technology hailed as a “game-changer” by industry experts. National news coverage included a number of features on the BBC.
The private-debt lender BOOST&Co, which specialises in providing non-dilutive venture debt loans to fast-growing scale-ups, gave OrganOx a growth capital loan of £3m in October 2018. The firm, founded in 2008, had applied for the loan to scale up its business and expand internationally.
Growth capital drives commercial success
OrganOx opted for venture debt to drive adoption of the metra and to enter new markets. BOOST&Co’s investment has enabled the medtech company to realise the potential of its technology worldwide: revenues have increased by around 100% during the past 12 months, and the device has now been used to complete more than 500 transplants in 11 countries. By tripling the storage time of organs and enabling a “road test” of each organ before transplant, the metra is saving lives by making every donated organ count.