Imperial Innovations Group plc (AIM: IVO, 'Innovations', or 'the Group') a leading technology commercialisation and investment company, has invested £0.5m in new portfolio company, PsychologyOnline, a Cambridge-based provider of clinically-proven online cognitive behavioural therapy (CBT) for the treatment of depression.
Launched in 2010, PsychologyOnline delivers real time therapy to NHS and private patients with a live therapist via the internet, allowing them to attend sessions in their own home, at times that suit them. Waiting times are reduced to a few days, compared with up to several months for NHS face-to-face services. All PsychologyOnline therapists are experienced Chartered Psychologists or accredited Psychotherapists and are UK trained and accredited.
The company was founded by two Chartered Psychologists who recognised the scarcity of easily available psychological support to patients. The service is already available to NHS customers in some areas in the UK and the additional funding will enable PsychologyOnline to offer its service to a broader range of both NHS and private patients.
Despite being considered both preventable and treatable, depression costs the UK up to £9 billion a year in lost earnings and there are thought to be around 350m people suffering from depression worldwide. CBT is used widely within NHS mental health services as a NICE-recommended treatment for anxiety and depression. However, high demand can mean a long wait for patients and it is estimated that only a quarter of those with mental illness are currently receiving treatment.
The effectiveness of PsychologyOnline's service was demonstrated in a 300 patient clinical trial undertaken at three universities and NHS Trusts, including UCL, which was published in The Lancet in 2009. An average of just six sessions of online therapy was needed for recovery from moderate to severe depression compared to between 16 and 20 for NHS face to face services. Follow up client assessments at four and eight months confirmed that the benefits were maintained.
PsychologyOnline has raised a total of £1.6m from investors so far. Innovations has a 19.6% stake and other investors include Cambridge Angels. Dr Rebecca Todd, Director of Healthcare Investments at Innovations, will join the board of PsychologyOnline.
Susan Searle, Chief Executive Officer at Imperial Innovations, said:
"PsychologyOnline is a great example of how digital and online technologies can improve patient access to healthcare services. We are pleased to back this exciting company at a key time in its development and look forward to a time when all patients can easily access the kind of rapid and convenient healthcare service that PsychologyOnline offers."
Barnaby Perks, CEO of PsychologyOnline, said:
"Our service is already making a difference to NHS patients in areas such as Surrey. This investment will help us to increase the roll out of our service and offer it more widely to patients across the UK. We are also developing our private offering to support those who want a more discreet and confidential service without going via their GP."
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