CamStent has added to the £350,000 it raised in July 2011 by pulling in a further £508,000 with help from the Yorkshire Association of Business Angels (YABA).
The medical materials company initially set out to raise £400,000 but closed the funding round at the oversubscribed amount.
Cambridge-based CamStent will use the new capital to progress the application of its patented polymer coatings which are designed to resist the growth of bacteria in medical devices.
The business first pitched to the YABA Investment Forum in November 2010 and attracted six members to its first funding round. As part of its second round, all six original backers are joining and bringing their interests forward.
Dave Hampton, CEO of CamStent, comments, ‘On the back of our encouraging microbiology results and a successful 12 months, there was a high level of interest in this funding round leading to significant oversubscription.
‘We’re looking forward to accelerating our first coating application, for urinary catheters, towards human clinical trial and licensing.’
Going forward, CamStent’s technology can be applied to cardiology, coating heart stents to reduce inflammation, and also in the marine sector where the coating can repel substances like algae and reduce corrosion.
Business angel Stephen Savage was part of the six original YABA investors, and says, ‘With the security of a Technology Strategy Board award and all the development milestones having been met, I have been delighted to be part of the second round of funding which has ended up by being oversubscribed – a testament to CamStent’s potential.’