University spin-out to expand following £1.4m funding injection
Nottingham-based medical firm NuVision Biotherapies has secured a £1.4m investment to fund clinical trials on its new treatment for dry eye disease – allowing it to create six jobs in the process.
The funding was provided by the MEIF Proof of Concept & Early Stage Fund, which is part of the Midlands Engine Investment Fund; Mercia, the University of Nottingham and BioCity.
It will allow the company to fund additional research and development and expand its sales and marketing team, creating six new positions. The firm currently employs sixteen people.
NuVision’s therapy, Omnigen, is based on research carried out at the University of Nottingham by Dr Andrew Hopkinson. It harnesses the regenerative properties of amniotic membrane which surrounds babies in the womb and is normally discarded at birth.
CEO Dr Andrew Hopkinson said: ‘We are delighted to have the support of Mercia and the Midlands Engine Investment Fund. This exciting stage of growth will be transformative for NuVision, helping to deliver our product Omnigen as a routine therapy for ‘in clinic’ treatment of eye conditions such as dry eye disease, whilst establishing the company as an international regenerative medicine specialist.”
Isabel Dodd, investment manager at Mercia, added: “NuVision has made significant progress since its inception. This new investment will help to demonstrate the benefits of its product for eye conditions, while the investment in research and development will help it to develop treatments for other conditions such as diabetic foot ulcers, allowing millions of other people worldwide to benefit from this new therapy.”