16 Jul MediCity Nottingham’s biotech secures £1.8M funding for groundbreaking wound healing technology
WAPG’s MediCity Nottingham based NuVision Biotherapies has come up with a product, which helps to heal eye injuries efficiently and wants to revolutionise the treatment of other wounds. The company recently picked up £1.8 million funding. This is the fourth fundraising round secured by NuVision to date. With this round, the total funds raised by the company is now £5 million.
The investment came from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, Newable Ventures (an existing investor), and private investors. Expecting to raise a Series A investment round in 2022, the biotech company will focus on expanding sales and carry out further clinical trials.
Rob Bennett of Mercia, which has backed the company since its inception, said: “Since our initial investment in 2015, NuVision has achieved significant milestones and is now well placed to take advantage of market opportunities in the treatment of both chronic and acute eye disease. In the longer term, its technology could be adapted for other applications and has the potential to revolutionise woundcare.”
Avantika Gupta of Newable Ventures said: “Newable has been impressed by the strength of the NuVision technology and its unique disease-modifying capability, we are delighted to continue to support them on their scale-up journey.”
Ken Cooper, Managing Director at the British Business Bank, said: “We’re delighted to see this latest round of investment, with continued support from the MEIF, enabling another business in the region to gear up for future growth. Now more than ever, the MEIF is ready to fund Midlands small businesses as they drive the region’s economic recovery and we’d encourage any businesses seeking investment to look at the options available through the fund.”
Sajeeda Rose, Chief Executive of the D2N2 LEP, said: “I’m pleased to see continued investment by the Midlands Engine Investment Fund in key and growing sectors in the region, which will support our economic recovery and growth. This investment will support NuVision’s long-term ambition and grow its pioneering technology for wider use in the healthcare market which is a priority sector for the D2N2 region.”
NuVision’s product portfolio
Founded in 2015 by Andrew Hopkinson, NuVision is a University of Nottingham spin-out. Its technology harnesses the healing properties of amniotic membrane, the sac that surrounds babies in the womb and is normally discarded at birth. Its first product Omnigen was created using its proprietary manufacturing process and is already used in eye surgery to help heal wounds faster.
OmniLenz is the company’s latest product. It is a ‘bandage contact lens’, which allows Omnigen to be applied without surgery in outpatient clinics to treat a wider range of conditions. It is currently being trialled by Aston University for use in dry eye disease, which affects over 5 million people in the UK. Also, it is the most common cause of visits to eye care practitioners.
Furthermore, NuVision’s technology has the potential to treat other wounds, especially diabetic foot ulcers. This is a growing problem that affects over 10 million people worldwide