Funding boost for biomedical sector

The funding is in addition to the £25 million already invested by Spark Impact, a life sciences investment firm who manages the England-based Fund.

“Funding like this is vital to these companies

Spark Impact’s Andy Round

“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,” said Andy Round, investment director at Spark Impact.

“Funding like this is vital to these companies to give them the opportunity to continue to grow,” Round said.

“The sector is ripe with innovative companies like these - what we need to see is continued support to allow them to really thrive.”

Companies to receive a portion of the follow-on investment include ASep Healthcare (£300,000) - developers of devices for reducing hospital acquired infections.

Meanwhile, Manchester-based Alchemy Pharmatech, developers of an innovative intranasal drug delivery system, has received £160,000 which will enable the company to complete a first-in-man clinical study.

The North West Fund for Biomedical is a sub-fund of The North West Fund, a £155 million 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.