Fuse Fund helps Mednostics make a difference to osteoporosis

An Ormskirk-based healthcare business will create four jobs and help identify osteoporosis in patients sooner after being the first in the town to be awarded a Fuse Fund grant.

Mednostic Solutions, a family-run patient-focused provider of healthcare, has been an awarded a grant of £14,050 of a total project cost of £56,200, to help purchase new machinery that will help the business grow.

Fuse Fund is a two year £4m Regional Growth Fund (RGF) programme that helps young businesses in Lancashire realise their ambitious growth plans.

The purchased machinery includes a dexa scanner and a dual x-ray scanner. Both machines analyse bone material density and body composition and will help the company provide an enhanced service to the NHS, clinics and private patients.

Commenting on the awarding of Fuse Fund grant, Benjamin Paglia, managing director of Mednostic Solutions, said: “As an independent healthcare provider to the NHS our focus is to offer a better approach to the detection and treatment of osteoporosis, which effects around three million people in the UK and costs the NHS nearly £2bn a year.

“Traditionally, diagnosis has always been after a bone breakage and we want to encourage an understanding of bone health particularly with those who are at high risk due to their family genes.

“The awarding of the grant and the purchase of the new scanner will enable us to detect signs of osteoporosis before a break, and then an appropriate preventative treatment can be prescribed.

“Following the purchase we’re looking to create four new jobs to grow our already established team of professionals, as well as explore the possibility of recruiting a PhD student to work with us on exciting research projects.”

Grants of between £5,000 and £50,000 are being offered by Fuse Fund which is supported by the Government’s Regional Growth Fund, contributing a quarter to the overall cost for capital investment projects such as machinery, property improvement, building expansion, infrastructure improvement, bespoke software and CRM systems in businesses trading for less than 36 months.

Commenting on the awarding of the grant, Steve Goodman , Fuse programme manager and principal business advisor at Regenerate Pennine Lancashire, said: “The Fuse Fund has been specifically created to help ambitious and exciting young businesses like Mednostic Solutions grow.

"This new scanning machine will make a real difference not only to the well being of those who are likely to suffer from osteoporosis, but also contribute significant savings to the annual £2bn the NHS spends on the condition, and generate jobs which is great for the Lancashire economy. We wish them every success.

“We hope other young businesses in the Ormskirk area that are looking to grow are inspired by their ambition to make a real difference and look forward to receiving many more applications from the area.”

Priority is being given to businesses in the manufacturing, digital and creative, environmental and energy technology sectors, but projects from other business to business sectors are also considered.  Applications must be made to the Fuse Fund before 31 December 2014. Fuse Fund is a private and public sector partnership led by Regenerate Pennine Lancashire and Lancashire Business View, with support provided by Blackburn with Darwen Borough Council.