Manchester firm gets £2m to fund anti-smoking aid
CNC Creative, a Manchester-based company which makes an “electronic” cigarette that helps smokers to quit, has raised £2m through a first-round fundraising exercise led by venture capital firm Advent Life Sciences.
The firm intends to use the cash to finalise development of its Nicadex™ electronic inhaler nicotine replacement therapy (NRT) product, which is used to help people stop smoking under medically-supervised programmes.
Nicadex is a hand-held device that delivers purified nicotine to the user. The device is used in a similar way to a cigarette, but the vapour contains no smoke and none of the carbon monoxide, tar or other toxic impurities in cigarettes.
CN Creative co-founder Chris Lord said: “The support from our colleagues at Advent Life Sciences will enable CNC to undertake the clinical trials and medical regulatory review needed to confirm the safety and efficacy of Nicadex and to prepare for commercialisation.
“We expect to file for regulatory approval of the Nicadex electronic inhaler in the UK later this year.”
Co-founder David Newns said: “We believe our Nicadex electronic inhaler NRT has the potential to help significant numbers of smokers stop entirely or significantly reduce their exposure to harmful tobacco smoke.”
Dale R. Pfost, PhD, a general partner at Advent Life Sciences and the newly-appointed chairman of CN Creative, said: “With this investment in CN Creative, we aim to continue our track record of investing in innovative life science companies with the potential to become best-in-class in their fields.”
