TIDMQBIT
RNS Number : 1037D
Quantum Exponential Group PLC
01 March 2022
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1 March 2022
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Quantum Exponential Announces First Investment
Investee company Siloton's technology aims to reduce the effect
of macular disease, one of the UK's biggest causes of sight
loss
Quantum Exponential Group plc (AQUIS:QBIT), a company focused on
investing in quantum technology is pleased to announce that it has
invested c.GBP300,000 as part of a c.GBP470,000 seed funding round
in Siloton Limited ('Siloton') (the 'Funding'), a technology
company that uses quantum techniques and photonic integrated
circuits ('PICs') for use in sub-surface optical scanning devices
with applications across healthcare, and non-destructive
testing.
Highlights:
- Quantum Exponential's first quantum technology equity
investment since listing in November 2021
- Investment in disruptive health-tech company utilising quantum techniques
- Siloton uses quantum-aligned technology to create a new
generation of equipment that is used as part of a service to
monitor disease status of those with age related macular
degeneration
- Market for monitoring of age-related macular degeneration
expected to reach some 288 million patients by 2040(2)
- PICs at the forefront of optical diagnostic imaging technologies
- Potential positive impact on patients with age-related macular
degeneration with robust in-home measurement of eye health, with
PIC technology used as an early indicator of other health issues,
and significant economic benefits by extension
- Siloton is led by an experienced management team with
technical and commercial knowledge in quantum technologies and
biomedical imaging, including Ian Reid the ex-CTO of QinetiQ
Following the investment, Quantum Exponential will hold 2,752
ordinary shares in Siloton representing 12.79% of Siloton's
enlarged issued share capital. The funds invested by the Company
will be used for further development of the product to technical
validation and to expand the team and this funding round is
intended to get Siloton beyond its next significant product
development milestone.
Quantum Exponential's investment is accompanied by investment
from an impact-focussed fund alongside value-add angels including
two ophthalmologists, two software specialists, and entrepreneurs
in the ophthalmic services and consumer-tech spaces.
Siloton will initially focus on advancing the development of a
technology called Optical Coherence Tomography ('OCT') for the
assessment of age-related macular degeneration ('AMD'), a condition
that if untreated can lead to blindness and is estimated to affect
600,000 [1] people currently in the UK and some 288 million
patients worldwide by 2040[2].
Commenting on its first investment, CEO of Quantum Exponential
Group, Steven Metcalfe said : "I am thrilled to be announcing
Quantum Exponential's inaugural investment following its admission
to AQSE late last year, leading this funding round in Siloton. This
marks a milestone moment for the company as we deploy funds into
revolutionary quantum technology-based companies which are not
ordinarily accessible to investors.
"This is our first investment to sit alongside our option to
acquire shares in Arqit Quantum. We have a number of advanced
discussions ongoing with potential investee companies and I look
forward to updating shareholders as these discussions come to
fruition.
"According to the Macular Society there is an estimated 1.5
million affected by macular disease in the UK [3] . Siloton's PIC
system will, in due course, address a significant market with AMD
only becoming more prevalent as populations age. The team at
Siloton are experts in the design and use of PICs and as such we
expect their use in several applications across healthcare as well
as a wide range of non-destructive testing applications ranging
from agriculture to art restoration. We are excited to be an early
investor in this company and look forward to supporting Siloton in
their journey, both financially and commercially."
Siloton has identified that the largest market ready to be
disrupted is in the delivery of eye-care assessments in the
health-tech sector. In the UK, ophthalmology is largely considered
to be in crisis and AMD contributes to this, costing the UK
GBP1.6bn annually(1) . Currently, once patients are diagnosed, they
must attend near-monthly monitoring appointments, and this
represents a significant strain on diagnostic imaging resources for
hospitals. Siloton's innovation is to use a PIC-based diagnostic
imaging system, resulting in a price-point and level of portability
that enables units to be installed in the homes of patients. This
will allow care-providers to deliver personalised treatment
schedules in the community, optimising care and reducing pressure
on clinic-based assessments.
Dr Alasdair Price, Siloton's CEO, explains: " OCT is a technique
used to non-invasively image the retina, however current OCT
scanners are large, fragile and very expensive, meaning they are
confined to specialist environments. Siloton is developing a new
generation of PIC-based OCT, where light is actively guided within
a monolithic chip. This means our device will be smaller, more
robust and less expensive than current OCT scanners. The Siloton
team is using proprietary PICs to develop an advanced hand-held
imaging device, providing patients with 24/7 access to diagnostic
imaging. This will enable personalised disease management with
results automatically sent via the cloud to their ophthalmologist.
In doing so, we will be reducing the delay between a patient
needing treatment and them receiving medication, potentially down
to as little as a few hours. This has the effect of limiting the
time window for irreversible damage to the eye, allowing patients
with AMD to maintain their vision for longer".
Siloton's product has been tested in the lab but the first year
will be used to integrate the individual PICs into an OCT engine,
including a full custom fabrication run. This will be used to
demonstrate the first fully integrated hand-held OCT system for
ophthalmology. The Siloton management team believe the use of
next-generation OCT has a growing use to detect disease beyond
visual health and there is the possibility of earlier revenue from
supplying PICs to parallel markets such as non-destructive
testing.
Siloton is led by an experienced management team with technical
and commercial knowledge in quantum technologies and biomedical
imaging, including Ian Reid the ex-CTO of QinetiQ as Non-Executive
Chairman. Stuart Nicol, Quantum Exponential's CIO, will join the
Board of Siloton as a Non-Executive Director in order to help the
company develop commercially.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**S**
For more information, visit the Company's website:
www.quantum-exponential.co.uk orcontact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, Lucy Bowden
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford, Robert Hayward
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
SPAC, focused on opportunities in quantum technology and the wider
quantum computing sector, with an advisory board made up of
industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About Siloton Limited
Siloton is developing an at-home monitoring service for the 25%
of over 60's with macular disease. This service will reduce the
burden of treatment and while helping patients retain their sight
for longer. Siloton's service combines a next-generation diagnostic
imaging device with cloud-based digital health tools that will
enable clinicians to deliver an unparalleled quality of care to
their patients.
Siloton was founded in April 2020 in Bristol, UK and is an
alumnus of the Quantum Technologies Enterprise Centre (QTEC)
incubator programme. At the core of Siloton's new generation of
diagnostic imaging device is a photonic integrated circuit (PIC)
that allows Siloton to realise order of magnitude reductions in
size and cost while increasing device robustness.
To find out more, visit www.siloton.com or follow updates on
Siloton's LinkedIn page.
[1]
https://www.ucl.ac.uk/ioo/news/2016/nov/millionsacross-uk-will-go-blind-2050-warns-new-report
[2]
https://www.brightfocus.org/macular/article/age-related-macular-facts-figures#::text=degeneration%20is%20widespread.-,
As%20many%20as%2011%20million%20people%20in%20the%20United%20States,to%20288%20million%20by%202040
[3] https://www.macularsociety.org/macular-disease/
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