Role: 1194 - This role is now closed
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We are seeking a minimum of two Non-Executive Directors for our client Beyond Blood Diagnostics, based in London.
- Beyond Blood Diagnostics has developed an innovative testing kit for use in a clinic or at home which will count blood cells for cancer patients. Subsequently the technology could have a host of other applications with the clear potential to be a Unicorn.
The Non Execs should have the following expertise:
- Commercialisation experience with medical devices and/or IVD in the UK or internationally (preferably in the UK).
- Design of manufacture for medical devices and or IVD.
- Deep regulatory affairs experience in taking devices through the MHRA or FDA or CE Marking process.
- Sales and Marketing expertise.
The Non-Executive Directors will be encouraged to become shareholders in the Company investing a minimum of £100k (SEIS/EIS relief is available) to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders.
Market & Opportunity:
- The company has received offers for 100k investment each at £12m valuation form three angels and have won an Innovate Grant for £300,000.
- Beyond Blood Diagnostics is an early stage company developing a companion diagnostic device to enable cancer patients to monitor their health during chemotherapy.
- Today patients are blind to how their body is recovering from the toxic drugs administered during chemotherapy, a simple, affordable solution is needed to improve the quality of life and reduce burden on the NHS. Leveraging microfluidic technology in combination with optoelectronics.
- BBD developed a patent pending new proof-of-concept of a portable cell counter that uses disposable microfluidic cartridges and a reader that connects to the patient’s phone for easy to view results. The device is aimed to be used by an untrained user, and to produce the results in minutes. No at-home blood count device today on the market can detect all blood cells, BBD technology is not limited in its potential, with further development it will be possible to use it across a spectrum of diseases and for it to be turned into an implantable.
- BBD was founded by Manfredi San Germano and is based in the UK.
Non Exec Skills
Two investing NED’s are required with the following skills and experience:
- Entrepreneurial skills proven in successfully launching medical device products.
- Commercialisation experience with medical devices and/or IVD in the UK or internationally (preferably in the UK).
- Design for manufacture of medical devices and or IVD.
- Deep regulatory affairs experience in taking devices through the MHRA or FDA or CE Marking process.
- Sales and Marketing expertise.
Roles
- The BBD Board is looking to add industry experience and outside expertise to the business. As shareholders their goals will be aligned with those of the Founders, and entire BBD team.
- The contribution of each Non-Executive Director is directed towards specific goals or targets and reward mechanisms exist for achievement (defined below). In particular, there is an expectation that they will leverage their networks to assist BBD in the achievement of its objectives. The specifics around the role are developed and agreed as a balance between the existing skills and expertise in the company already; the experience that the potential Non-Executive Director / brings to the table, and how best to blend this together. It is anticipated that the NED / ABM will work circa 2 days per month although there is no restriction on doing more and additional time commitment will be expected in the early stages.
- NED or Advisory Board Member – Lead for Sales and Marketing UK and EU
- Advise the Board and Executive on the development and implementation of a market development strategy, including sectors and geographies with a particular focus on entry to NHS opportunities.
- Provide input and knowledge on the creation of a Sales and Marketing function for BBD based on your experience and networks;
- Assist, as necessary, in finding and negotiating major partnership opportunities and/or major commercial contracts;
- Lobbying on behalf of BBD with relevant authorities, Govt. departments, and influential parties that can help to deliver on the BBD strategic goals;
- Leverage your network to assist BBD in furthering its aims.
- Work with the other BBD team members and assist the founders in developing their skills.
Remuneration
Year 1. Compensation for meeting agreed objectives / milestones with a share reward mechanism (10,000 shares as a base amount for being an NED or ABM plus up to 10,000 shares to be awarded for achievement of agreed targets).
Year 2. Based on the financial situation of the company, it is intended that Advisory Board members and NED’s will be compensated at the rate of £450 per day plus receive further share awards in relation to new objectives / milestones set for the business.
Calculation of share price for investing NEDs / Advisors
Pre-money Valuation: £3.5m; with justification below:
- £56,000 of funding has been put into the business by the founder (bootstrapping) and an additional £300k has been invested by angel investors.
- UK patent protecting the hardware design and specifications has been filed.
- Additional refinement to the scope of the patents is expected this year further defending this exciting technology.
- The strategy and business plan have been reviewed by Startup-Gurus Limited and by Sustainable Network and endorsed in terms of direction, plan and valuation.
- BBD has taken part in the following accelerators: Entrepreneur First.
- BBD is on the Startup-Gurus Fast Track programme which only takes early stage businesses with a global impact.
- Similar companies in the Med Tech sector have raised at £2.9m valuation for first money in 2017.
Investment Incentives:
- Any Advisor or NED bringing additional investors to the company will receive a further 28,571 shares for each £10k or multiple thereof to a maximum award of 200,000 shares. The company is registered for both EIS & SEIS.
For further information or for an informal discussion please contact First Flight Non-Executive Directors Ltd at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01797 270271.
Once an Application form has been filled out we will provide an Exec Summary and a Pitch Deck.
Closing date for applications: Friday, 26th May 2023
