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Harwell, UK – The Electrospinning Company, announces that it has secured a £650,000 investment to establish itself as the leading provider of clinical-grade electrospun biomaterials to the medical device industry. Funding has come from a network of UK angel investors, including Angels 5K, LBA, Minerva, Wroxall, Angels in MedCity and OION, as well as from the Rainbow Seed Fund.
Electrospun nanofibre membranes can be designed to help the body repair and regenerate its own tissues, yet quality control issues relating to a lack of consistent and scalable manufacturing methods have hindered clinical use of such materials. With its advanced technology and know-how, the Company has been able to overcome these challenges and is now positioned to profit from the increasing interest in the use of biomaterials. As of 2016, the Company is supplying clinical-grade electrospun material into the first FDA-approved medical device that includes such materials, and into a Phase I clinical trial for corneal repair in India. In addition the company is building a portfolio of contract development projects with regenerative medical device customers.
The investment will enable the company to invest in production capacity, quality systems and business development, with a focus on growing its presence in the key US market.
Ann Kramer, CEO of The Electrospinning Company, commented “We have made significant progress over the past year and, thanks to the support of angel and venture networks, are well-positioned to grow as the use of novel materials in medical devices increases”.
Drummond Paris, new investor and incoming chairman, added that favourable market drivers – ageing populations and the increasing prevalence of chronic conditions – were fuelling demand for biomaterials: “Over and above commercial success for The Electrospinning Company, the bottom line is that our products are improving patient outcomes and improving people’s lives – feedback from patients and surgeons has been very good so far. I am very pleased to have joined the company at such an exciting time”.
Electrospun scaffolds are a class of biomaterials that can be designed to mimic the body’s natural scaffolding – the extracellular matrix – in which cells grow and differentiate. Placed in the body by surgical procedure, biomaterials can promote natural repair by the host’s own cells, improving healing and reducing internal scarring, and can be tailored to degrade, or resorb, once healing has taken place.
|Company||The Electrospinning Company|