Tuesday 02 August 2011 -- 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.
Media contacts
For Spark Impact:
Louise Clancy, SPARK Impact – Louise.Clancy@sparkimpact.co.uk (0151 705 3416)
For The North West Fund:
Alastair Henry, MC2 – alastairh@mcmc.co.uk (0161 236 1352)
The North West Fund
The North West Fund is a £185m evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The Fund addresses an identified gap in the lending, venture capital and private equity markets.
The North West Fund is financed by the European Regional Development Fund and the European Investment Bank (EIB) under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
North West Business Finance Ltd (NWBF) is a private, not for profit, company, established to oversee the delivery of The North West Fund.
About The North West Fund for Biomedical
- The £25m North West Fund for Biomedical is open to biomedical companies based in, or prepared to relocate, to the North West.
- 40% of the fund is going to be invested on Merseyside.
- Over 50 businesses will receive investment from the fund.
- Initial tranches of funding for start-up companies (up to £50K).
- Applications are now being accepted.
For more information about the fund and how to apply please visit www.thenorthwestfund.co.uk
SPARK Impact is located within Liverpool Science Park.
European structure, JEREMIE
The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises (SMEs) by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission (EC) and the European Investment Fund (EIF), which is part of the European Investment Bank (EIB) Group.
JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.
ERDF in the Northwest
The European Regional Development Fund (ERDF) is making a real difference to people and businesses in the North West. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region’s economy by supporting growth in enterprise and employment.
For further information on ERDF in the North West visit www.erdfnw.co.uk
The European Investment Bank (EIB)
The EIB is the European Union’s long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn - GBP 17.5 billion.
The Northwest Regional Development Agency (NWDA)
The NWDA works to deliver economic success in England’s North West by building the competitiveness of its businesses, people and places. Utilising technical expertise and strategic influence, it helps the region’s 250,000+ businesses to develop and grow, as well as supporting international trade and encouraging inward investment.
For further information on the NWDA please visit www.nwda.co.uk
