A North East biotech business is set to bring a ground-breaking cell preservation product to market after raising more than £425,000 in investment.
Newcastle University spin-out Atelerix was launched in 2017 by co-founders Professor Che Connon, Dr Steve Swioklo and Dr Mick McLean.
The company aims to revolutionise cell preservation by changing the way cells and tissues are stored and transported. It has raised £425,574 in investment to help fully commercialise its product and bring it to market.
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Based in the Biosphere building at Newcastle Helix, the firm says that conventional ways of freezing and thawing cells and tissues through cryogenics can be hugely damaging, and that cells often die or change their function in the process.
To counter the issue, Atelerix has developed technology that encapsulates the cells in an alginate gel, preserving them at room temperature for up to two weeks.
It means cells are kept safe and can be delivered across the world undamaged when they reach their destination. The gel is simply dissolved when the cells are needed.
Debra Leeves, chair of Atelerix, is leading the commercialisation of the gel to be used for drug discovery and testing, as well as for cells to be used as the starting material for therapies.
She said major investment was needed to help the company takes its next steps, leading to it receiving a £150,000 grant through the Regional Angel Investment Accelerator (RAIA) programme. Funded by Innovate UK, the programme is led by the North East Business and Innovation Centre (BIC) and delivered by the Innovation SuperNetwork and North Invest in partnership with the UK Business Angels Association.
The grant was matched with further £275,574 from angel investors across the UK, many of whom had already invested in Atelerix. Investment of £15,000 for the project was put forward by the newly formed Women Angels of the North syndicate, launched by Fund Her North.
Ms Leeves said: “We are on the brink of fully commercialising a portfolio of five products, which meet the varied needs of our customers including biosuppliers, the global research community and the drug discovery industry (pharma, biotech and CROs).
“We have validated our products with potential users and their feedback shows we have got the right products at the right price to meet their needs. Securing this investment will enable us to start to generate revenue and grow the business.”
Jordan Dargue, head of access to finance at Innovation SuperNetwork and Board Director at North Invest, said: “We were so impressed with Debra and her expertise and passion for Atelerix. The technology is innovative and solves a real market problem.
“The RAIA grant of £150,000 helps de-risk the investment for the angel investors as well as speed up the development of the product, so I was thrilled to be able to help Debra access this crucial funding from Innovate UK. I can’t wait to see the product be brought to market.”
The Innovation SuperNetwork provides support to North East businesses and helps them access the right innovation finance, including their investor network at the Newcastle Angel Hub and by working in partnership with North Invest.