£1.7m for bio-medical pioneer Ai2
PIONEERING bio-medical company Ai2, which is developing products to tackle infections, has secured £1.75m from institutional investors to continue developing its technology.
The company, a University of Manchester spin out, has received £950,000 from existing investor MTI Partners and £800,000 from SPARK Impact, the Liverpool-based manager for the North West Fund for Biomedical.
Based at the University of Manchester’s Stopford Building on Oxford Road,
Ai2 was incorporated in 2005 to commercialise research led by Dr Curtis Dobson.
This showed that a human protein, apolipoprotein E, contained an anti-infective activity, which could be harnessed in a family of peptides.
This can be used safely and cost-effectively to inhibit bacteria,fungi and viruses.
The products have the potential to be used to prevent infection on a wide range medical devices like urinary catheters and stents as well being utilised in wound dressings and consumer products.
In 2010, the company signed its first major license deal with Sauflon Pharmaceuticals, a contact lens manufacturer, and has since gone on to have successful development projects with a range of blue chip companies.
Chief executive Dr Jim McNairney, said he was “pleased and excited” that the business had been able to attract fresh investment in “an extremely difficult” fund raising climate for biomedical companies.
He added: “This new investment from SPARK Impact and follow-on investment from MTI will significantly fuel the growth and value of Ai2.”
Dr David Holbrook, general partner at MTI, and director of Ai2 said: “I am delighted to welcome in another first class early stage biomedical fund into the company. It is real validation of the company’s trajectory and growth plans.”
Senior investment director at SPARK Impact, Dr Penny Attridge said: “It’s great to be able to invest alongside the likes of MTI, a world class investor in this field, in a quality company like Ai2, developing products in this very exciting and valuable sector.”
The investment in Ai2 is the twelfth made by the £25m North West Fund for Biomedical, part of the £185m North West Fund.
