A hi-tech Staffordshire firm at the cutting edge of the growing gene therapy replacement market has received a £1.1 million funding boost.
Stoke-on-Trent-based NanoTherics, a spin out firm from Keele University, develops more efficient ways to improve research into genetic disease disorders.
It has received the funding from a group of investors, including £600,000 from Catapult Venture Managers’ Advantage Enterprise and Innovation Fund and £200,000 from the Mercia Technology Seed Fund, with the remainder coming from private investors.
NanoTherics chief executive Dr Linda Cammish said the company’s work was in an area that could have a huge impact on human health.
“Gene therapy, including stem cell therapy for example, has the potential to dramatically change the treatment of human disease,” she said.
“This investment comes at a key point in the company growth strategy and will enable us to place additional resources into the commercialism of our products.
“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.”
Following the investment, David George, a well-known figure in the medical device sector, has been appointed as chairman of the NanoTherics.
He is a non-executive director of a number of companies within the Catapult portfolio.
Ray Harris, investment director at Catapult, said: “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.”