Biotech firm eyes expansion after raising over £5m in investment
A Nottingham biotech company whose signature product speeds up the healing of eye conditions has raised a further £1.1m in investment, bringing the total raised by the firm to over £5m.
NuVision was founded in 2015 by Dr Andy Hopkinson as a spin-out from the University of Nottingham.
It received the funding boost from existing backers including the MEIF Proof of Concept & Early Stage Fund, Mercia’s EIS Fund, Pioneer Group, UoN and private investors.
The funds will enable the company to expand internationally and accelerate the development of its first two products in advance of a Series A investment in the next 12 months.
Andy Hill, CEO of NuVision, said: “We are delighted to receive further support from our existing investors. This investment round is an endorsement of our innovative new therapies for ocular care and our commitment to developing rapid and accessible treatment for ocular injury. The next stage of development is the scaling of our commercial and operational capabilities ahead of a planned Series A round in late 2023 or early 2024.”
Mercia initially invested in the company in 2015.
Hannah Tapsell, investment manager at Mercia Asset Management, said: “Amniotic membrane has been used in healing for almost a century. NuVision’s unique cutting-edge biotherapy harnesses the benefits but in a format that makes it far more powerful and effective. Its product is already in hospitals in the UK and there is scope to expand its use to other conditions. The funding will enable NuVision to continue the good work and roll it out internationally so more patients can reap the benefits.”
Pioneer, which operates BioCity where NuVision is based, provided the firm with seed funding and tailored accelerator support.
Dr. Glenn Crocker, executive director of venture capital investments at Pioneer Group, said: “Our follow-on investment in NuVision reflects the quality of the company and its steady growth journey. We have been impressed by its uniquely innovative approach to treating ocular surface disease in a natural way.”
“We are also confident that NuVision’s effective solutions for regenerating and healing the eye surface have the potential to become real game-changers in ocular care”, Crocker added.
