£4m cash injection for Moray medical company

A medical company based in Scotland has been awarded £4 million of investment to expand its business internationally, it has been announced.

Medical diagnostics company AccuNostics, which designs self-monitoring devices for conditions such as diabetes from its base in Forres, Moray, was given the cash by venture capital firm Delta Partners of Ireland and the Scottish Investment Bank. The funding also includes a £1.5m grant from Highlands and Islands Enterprise (HIE).

First Minister Alex Salmond met staff from AccuNostics in Elgin during the final meeting of the Scottish Government’s summer Cabinet.

Mr Salmond said: “Scotland’s reputation as one of Europe’s leading locations for life sciences continues to be further strengthened by companies such as AccuNostics choosing to locate research businesses and jobs here.

“The fact the sector is continuing to grow in today’s tough, economic climate is down to young, dynamic and innovative companies like AccuNostics, which is focusing on developing technology that will dramatically help improve the quality of life for millions of sufferers of diabetes and other conditions.”

Giles Hamilton, chief executive officer of AccuNostics, said that Moray offered the best infrastructure, quality of life and highest employee retention rates of all the locations it had considered for its base.

He added: “With a skilled local workforce, these are vital assets when attracting world-class talent and building a business.”

The company anticipates creating more than 30 jobs in Forres in the coming year.