ApaTech, an orthopaedic implants company spun out from the University of London’s Queen Mary College, has secured a £2 million finance facility from Noble Venture Finance.

ApaTech, an orthopaedic implants company spun out from the University of London’s Queen Mary College, has secured a £2 million finance facility from Noble Venture Finance.

The company, which has developed a series of synthetic bone products for use in orthopaedic and spinal procedures, plans to use the cash to fund its relocation to a new purpose-built facility in Elstree, Hertfordshire. The move should allow ApaTech to ‘meet market demand’ for its existing offerings and ‘introduce new products’ as well.

ApaTech secured the venture finance facility against the contracts it has already won in the UK, Europe and the US. The business has previously received funding from venture capital investors 3i and MTI Partners.

Explaining the decision to boost reserves through venture finance facility, ApaTech chief executive Simon Cartmell says that ‘as a rapidly growing business in a competitive marketplace, we have been impressed with Noble’s flexibility and responsiveness to our needs.’