North West biomedical companies Alchemy Healthcare Ltd and Future Medical Technologies Ltd have each received £50K Pathfinder investments from the £25m North West Fund for Biomedical.
The £25m North West Fund for Biomedical is run by early-stage venture capital firm SPARK Impact and is part of the £185m evergreen fund provided by the European Investment Bank (EIB) and European Regional Development Fund (ERDF), to supply debt and equity funding to small and medium sized enterprises in the North West of England.
Lancashire firm Alchemy Healthcare Ltd has developed an innovative nasal delivery device to provide a unit-dose, needle-free, delivery of dry powders into the nasal cavity. Key advantages of this technology include high dose accuracy, relatively cheap manufacturing costs and the technology can be used across multiple markets and application areas.
The market for nasally delivered products is substantial and growing, with some estimating this market could be worth circa $7b by 2012. Alchemy Healthcare Ltd will use the £50K Pathfinder investment for further product development and clinical trials.
Manchester-based Future Medical Technologies Ltd has developed polymeric hydrogels to mimic human cartilage for the treatment of arthritic diseases and focal defects in articulating joints, improving patient care. The £50K Pathfinder investment from the North West Fund for Biomedical will be used to speed up the development of its unique HydraCartilageTM technology and gain regulatory approvals. Dr Penny Attridge, Senior Investment Director at SPARK Impact and manager of the Fund, said: “Interest in the North West Fund for Biomedical continues to grow and we are delighted to be able to announce our second set of investments. Alchemy Healthcare Ltd and Future Medical technologies Ltd are both companies with tremendous potential and we look forward to working closely with the two teams to develop their applications for wide-scale use.”
Ian Harrison, Chief Technical Officer, Founder and Inventor at Alchemy Healthcare Limited said: “I am very excited to have received this investment from the North West Fund for Biomedical and would like to thank all involved. It is our mission to be leaders in non-invasive nasal drug and vaccine delivery. The investment will be used to complete various elements of tooling and a modest clinical trial. We hope to have the results soon and raise further investment to continue to grow.” Dr Yousef Taktak, Director at Future Medical Technologies Ltd, said: “This investment is a great opportunity for Future Medical Technologies to accelerate the development of its synthetic cartilage for human joints and to realise its full potential for commercialisation with the associated patient benefits. We would like to thank SPARK Impact for being so supportive throughout the process.”
Four companies have so far received investment from the North West Fund for Biomedical. Future Medical Technologies Ltd is the second Medilink associated company to receive investment from the Fund. Mike Gill, CEO of Medilink North West, said: “We are very happy to be working with the North West Fund for Biomedical to promote MedTech innovation in the North West. Medilink North West works with SME’s to improve their investment readiness, notably by strengthening management teams and assisting in developing clear strategic and marketing plans though its depth of experience in the health technology sector. Our partnership with SPARK Impact is providing real benefits to these new SMEs, both by access to capital and through value-added advice. We look forward to helping each of them reach their target markets.”
The North West Fund for Biomedical is accessible to a broad range of companies including those developing pharmaceuticals; new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to biomedical companies based in, or prepared to relocate, to the North West of England. Andy Leach, Chief Executive Officer for North West Business Finance, said: “These two investments are further contributors to a broad and developing portfolio of SMEs that will participate in the establishment of a strong biomedical presence in the region, providing a long-term benefit to the North West economy.”
The £25m North West Fund for Biomedical was launched in February 2011 and has received over 100 applications to date.
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