Bristol firm relocates with North West Fund cash
ANOTHER biomedical firm has been lured to the region with the prospect of investment cash from the North West Fund.
Bristol-based nicotine patch firm TTS Pharma has agreed to relocate to Liverpool after securing £550,000 from the North West Fund for Biomedical, managed by SPARK Impact.
It follows the decision by Sheffield-based Zilico to move to Manchester on the back of investment from the fund, which offers £50,000 to £1.5m in return for equity.
The investment in TTS is part of a larger round of funding which also includes £260,000 in equipment and £130,000 from angel investors and current management.
Chief executive Mark Tucker said: “We are delighted that The North West Fund for Biomedical has recognised the impact that personalised medicine can bring to patients and providers alike. Their support will help us to secure regulatory approval for the lead product and commercialise it in the UK, Europe and other high growth markets.”
Dr Penny Attridge, senior investment director at SPARK Impact, said: “As the NHS and healthcare continues to change the way it prescribes and pays for treatment, TTS has a solution which will be in the vanguard of the innovative interventions they must adopt to limit unnecessary overspend and contribute to greater efficiencies.”
