A company whose technology enables vaccines to be stored at a range of temperatures has secured equity funding.
A company whose technology enables vaccines to be stored at a range of temperatures has secured equity funding.
Stabilitech, which is based at Imperial College London, received £3.3 million from new and existing investors including business angels. This brings the total funds raised by the company to £5.2 million.
The money will be used over the next two years to speed up the development and commercialisation of Stabilitech’s main product, which is intended to protect vaccines and biopharmaceutical products from heat and freeze damage.
Two feasibility studies are already underway with potential partners, one of which is a major pharmaceutical company, according to Stabilitech. The eventual goal is to licence the product to a larger organisation.
Barbara Domayne-Hayman, the company’s CEO, says the fundraising exceeded its initial target and will help Stabilitech commercialise its product in the vaccines and biopharmacueuticals markets, as well as explore other potential applications such as diagnostics.
