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Cash Injection for ISTM spin-out nanoTherics
Outside the Guy Hilton Research Centre, from left, Neil Farrow (nT), Ray Harris (Catapult), Linda Cammish (nT), Mark Payton (Mercia), Jon Dobson (nT)
Birmingham-based venture capitalists, Catapult Venture Managers and Mercia Technology Seed Fund, have ploughed a combined £800,000 into a £1.1m funding round for Keele spin-out company, nanoTherics.
Catapult has injected £600,000 into nanoTherics, and Mercia has invested £200,000 from its Advantage Enterprise and Innovation Fund, with the remainder coming from private investors. The technology, based on the use of magnetic nanoparticles for gene delivery, was developed by Professor Jon Dobson's group in ISTM in collaboration with colleagues at the University of Florida, who are co-owners of the primary patent with Keele.
Jon, Non-exectutive Director, on the right in the picture above, said: "We are especially pleased with the support nanoTherics has received from David Carson and Peter Hooper in Keele's Research Services, as well as from their counterparts at the University of Florida. This second funding round was oversubscribed which, in the current economic environment, is exceptionally encouraging. We look forward to using the funds to build the company into a major competitor in the gene transfection market."
Professor Gordon Ferns, Research Institute for Science and Technology in Medicine Director and Head of R&D at the University Hospital of North Staffordshire, said: "It is very stimulating to our translational research at the Guy Hilton Research Centre to have a company like nanoTherics based here with us. Our goal is to bring laboratory-based research to benefit patients as rapidly as possible and the new investment will facilitate that."
Catapult Venture Managers: http://www.catapult-vm.co.uk/
Mercia Technology Seed Fund: http://www.merciafund.co.uk/
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