SPARK Impact boosts North West Companies with £1.1m Follow on Funding
May 5, 2015
Life sciences investor SPARK Impact has continued to boost the North West’s biomedical sector by providing follow on funding into healthcare companies developing innovative services and technologies.
Over the past two months, SPARK Impact, manager of The North West Fund for Biomedical, has invested a further £1.1m in follow on funding into its existing portfolio companies and has now invested more than £25m.
The North West Fund for Biomedical is a sub-fund of The North West Fund, a £155m fund jointly financed by the European Regional Development Fund and the European Investment Bank and is available to invest in small and medium sized businesses in the North West of England.
One of the companies to receive follow on investment was ASep Healthcare, developers of devices for reducing hospital acquired infections, including the award winning disposable tourniquet strip. The follow on investment of £300,000 will allow the business to enhance and protect its IP portfolio, further product lines and to continue to expand its distributor base and sales initiatives.
Merseyside based Stuff of Life, trading under the name ‘Secret Saviours’, recently launched its revolutionary anti stretch mark underwear for pregnant women and has received a further £250,000 investment. Meanwhile ESP Technology, based in Cheshire, has secured more than £150,000.
Harvard Healthcare, which develops medical devices for the orthopaedic market, as well as distributing several medical devices has received £200,000, while Manchester based Alchemy Pharmatech, developers of an innovative intranasal drug delivery system has received £160,000 which will enable them to complete a first in man clinical study.
Microbiology specialists, Perfectus Biomed, based at Sci-Tech Daresbury has raised a further £175,000 jointly from SPARK Impact and Midven. This investment will allow the company to widen its sales and marketing reach while implementing ISO17025, the main accreditation for testing and calibration laboratories. The company specialises in the testing of compounds and products designed to kill and inhibit biofilms. Biofilms are clearly linked to chronic non-healing wounds, failed medical implants and catheter infections.
Dr Andy Round, investment director at SPARK Impact, said: “We are delighted to continue to strengthen the life sciences sector within the North West by providing these promising companies with follow on funding to continue their development.
“Funding like this is vital to these companies to give them the opportunity to continue to grow. The sector is ripe with innovative companies like these -what we need to see is continued support to allow them to really thrive.”