VascVersa, an award winning, early-stage regenerative medicine spin out from Queen’s University in Belfast, has completed its second seed funding round, raising over £500,000.
The investment was participated in by Co-Fund NI (managed by Clarendon Fund Managers), QUBIS, the commercialisation arm of Queen’s University Belfast, the Innovation Investment Fund and angel investors from the Halo & Business Angel Network (‘HBAN’).
The funding complements VascVersa’s successful recent Innovate UK Biomedical Catalyst grant for a £800,000 project.
RELATED: NI's first cell therapy firm VascVersa secures six-figure deal
The Belfast based company is developing a cell therapy product as a new treatment for vascular regeneration. The latest investment will allow the company to accelerate the development of its ground-breaking Angicyte technology. Angicyte promotes healing by making new blood vessels leading to improved blood supply.
Cell therapies are at the forefront of medicine and are recognised as a revolutionary new way to treat diseases. The company is coordinating research being undertaken in world leading research centres in Belfast, London and Edinburgh to develop its new cell therapy. The first target is “chronic non healing wounds” which includes diabetic foot ulcers, but the technology will also be investigated for other vascular diseases.
RELATED: High demand for cofund NI investment in second quarter of 2022
Speaking about the investment, Christina O’Neill, CEO of VascVersa said: “This investment is a significant milestone for VascVersa. It will enable us to accelerate development of our first product for diabetic foot ulcers and also develop our technology for other vascular diseases. I’m extremely grateful to all our funders for their invaluable support throughout VascVersa’s development.”
Oisin Lappin from the Innovation Investment Fund added: “The visionary technology Christina and the VascVersa team are bringing to market will have a lasting impact on patient’s lives. This funding round alongside the Innovate UK support will help support them in this journey.”
Source: Written from press release.
