The North West Fund for Biomedical and Fusion IP are coming together to back the growth ambition of University of Sheffield spin-out Absynth Biologics.
A business which is attempting to develop vaccines and antibodies to treat bacterial infection now has the capital it needs to complete pre-clinical tests.
The investment in Absynth Biologics has come from the SPARK Impact-managed North West Fund for Biomedical and Fusion IP through an £850,000 transaction.
SPARK Impact is contributing £400,000 to the round, with the balance being picked up by Fusion IP.
Originally spun out from the University of Sheffield, Absynth’s programme is looking at infections caused by the bacterium Staphylococcus aureus. Its antigens are aimed at providing a protection against conditions such as Clostridium difficile.
The new funding it has secured goes with capital it has also garnered from the Biomedical Catalyst, a fund run by the Technology Strategy Board. Absynth has now raised £175,000 through grants since 2012.
Fiona Marston, chief executive of Absynth Biologics, comments, ‘I am delighted to have the support of our new investor The North West Fund for Biomedical and the ongoing support of our existing shareholder Fusion IP.
‘This investment will fund exciting stages of development for Absynth’s auras vaccine and pipeline R&D programmes.’
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The investment is the second for The North West Fund for Biomedical in the last seven days following a deal which saw it team up with the Technology Strategy Board and private investors to close what represented its 60th transaction to date.
Penny Attridge, senior investment director at SPARK Impact, adds, ‘We hope that this funding will help Absynth Biologics to continue to excel and further develop its products to make a real difference in targeting infectious diseases.’