19th October 2010 -- UK-based nanoTherics, a company at the cutting edge of commercialising devices for improved gene transfection which facilitate research into genetic diseases disorders, is successful in closing a funding round of £1.1m.
Catapult Venture Managers and Mercia Technology Seed Fund are the key investors, with Mercia investing a further £200k alongside Catapult’s injection of £600k from its Advantage Enterprise and Innovation Fund, which is specifically targeted at businesses looking for up to £2m of equity funding to grow. The remaining investment comes from private investors.
nanoTherics operates in the life sciences sector developing and commercialising innovative technologies and products designed to offer faster, more efficient ways to improve research into genetic disease disorders. Critical to this is a process called transfection - the technology allowing DNA and other materials to be placed inside a target cell. nanoTherics is selling a range of products based on nanomagnetic technology developed at Keele University and the University of Florida that enable this to be done faster, more efficiently, with better cell viability and more productively than existing technologies.
Ray Harris, Investment Director with Catapult, commented: “nanoTherics was founded in 2007 and is a ‘spin-out’ from Keele University. The company has exciting prospects and is a welcome addition to our investment portfolio that includes several businesses within the medical device and healthcare sector. The appointment of David George as Chairman is seen by Catapult and Mercia as a key factor in the acceleration of growth for nanoTherics.
“There is currently a large and growing area of research looking at gene replacement therapies of which stem cell research is the most prominent.”
Dr. Mark Payton, Mercia Fund Principal said: “We continue to support young technology-backed businesses such as nanoTherics that present scalable and disruptive products. This over subscribed round is a testament to the high calibre of management, the founding academics, their respective universities and the multi-billion dollar markets that they are chasing. We look forward to nanoTherics’s continued growth with a new set of supportive investors.”
nanoTherics CEO Dr. Linda Cammish commented: “Gene therapy has the potential to dramatically change the treatment of human disease. A number of gene therapies already exist, particularly those used to treat leukaemia, but none without some disadvantages. In the future, such therapies derived from research which can benefit from use of nanoTherics products could be used to treat a wide variety of genetic based diseases and disorders including cancer, Parkinson’s disease, spinal cord injuries, multiple sclerosis, and muscle damage, amongst a number of other impairments and conditions.” She added: “This investment comes at a key point in the Company growth strategy and will enable us to place additional resources into the commercialisation of our products.”
About nanoTherics
nanoTherics Ltd was formed in August 2007 to exploit a novel gene transfection technology arising from biomedical research at Keele University and the University of Florida. The patented technology uses nanoparticles and magnetic fields to facilitate delivery of foreign DNA into living cells. nanoTherics gene transfection studies have shown significant performance enhancement over the best non-viral techniques currently on the market, demonstrating high levels of transfection whilst maintaining viability of transfected cells. These key attributes afford a significant competitive advantage over currently available systems.
nanoTherics’s mission is to position its novel gene transfection technology as the new “gold standard” for transfection, underpinning the research and development of current and future gene therapy programmes. For more information go to www.nanotherics.com
Contact: Dr Linda E Cammish, CEO: linda@nanotherics.com or 07981 112968
About Mercia Technology Seed Fund (MTSF)
MTSF is a £13m technology fund investing in start up companies and other early stage technology-based ventures located in the West Midlands. It is managed by Birmingham-based WM Enterprise*, a leading provider of specialist venture capital finance with approximately £100m of funds under management throughout England. One of the key investors in the MTSF is Advantage West Midlands, the regional development agency for the West Midlands.
In addition to the MTSF, WM Enterprise manages/advises a number of funds across the country including:
- South East Growth Fund
- North West Equity Fund
- Baring English Growth Fund
MTSF typically invests in companies based in the West Midlands with high growth prospects that have a robust and developed proprietary product or technology platform. For more information go to www.merciafund.co.uk.
Contact: Dr Mark Payton, Fund Principal: markp@merciafund.co.uk or 07811 435199
About Catapult Venture Managers Ltd
Catapult Venture Managers Ltd is a leading private equity fund manager with one of the largest investment teams in the Midlands operating from offices in Birmingham and Leicester. With £80m in Funds under its management Catapult seek equity investment opportunities from £200k to £2m for growing businesses. Contact details for Catapult are 0121 616 0180 (Birmingham), 0116 238 8200 (Leicester) or catapult@catapult-vm.co.uk. Catapult Venture Managers Ltd is Authorised and Regulated by the Financial Services Authority. The Advantage Enterprise and Innovation Fund (AEIF) is funded by Advantage West Midlands and the European Regional Development Fund.
Contact: Ray Harris at Catapult Venture Managers on 0121 616 0160 or 07905 349742; or Paul Shrimpton at PSPR Ltd on 0121 354 7311.
