Biomed pair gain £100k from North West fund

NORTH West biomedical companies Alchemy Healthcare and Future Medical Technologies have each received £50K “pathfinder” investments from the £25m North West Fund for Biomedical.

Lancashire-based Alchemy Healthcare has developed an innovative nasal delivery device to provide a unit-dose, needle-free, delivery of dry powders into the nasal cavity.

The advantages of this technology include high dose accuracy, relatively cheap manufacturing costs and the technology can be used across multiple markets and application areas.

Alchemy Healthcare Ltd will use the £50K Pathfinder investment for further product development and clinical trials.

Manchester-based Future Medical Technologies has developed polymeric hydrogels to mimic human cartilage for the treatment of arthritic diseases and focal defects in articulating joints.

It will use the Pathfinder investment to speed up the development of its unique HydraCartilage technology and gain regulatory approvals.

Dr Penny Attridge, senior investment director at SPARK Impact, which manages the £25m biomedical pot of the £185m North West Fund, said: “We are delighted to be able to announce our second set of investments. Alchemy Healthcare and Future Medical Technologies are both companies with tremendous potential and we look forward to working closely with the two teams to develop their applications for wide-scale use.”