North West Fund backs Sheffield biotech firm
THE NORTH West Fund for Biomedical has invested £400,000 in a funding round at Sheffield University spin-out Absynth Biologics.
It has also attracted a further £450,000 from an existing investor, Fusion IP, which now has a 42.8% stake in the company.
The biotech firm says it has developed an unconventional approach to developing vaccines based on “identifying novel, conserved bacterial antigens that are essential and also antibody-accessible”.
This means they could fight off superbugs such as MRSA which have become drug resistant. Absynth plans to use the cash to advance its staphylococcus aureus programme to key pre-clinical milestones.
The North West Fund is backed by the European Union to foster business growth in the North West. It has invested in other companies outside the region which have subsequently relocated. Absynth is expected to take an office in Merseyside.
Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: “We hope that this funding will help Absynth Biologics to continue to excel and further develop its products to make a real difference in targeting infectious diseases. We’re delighted to make this investment into such a forward thinking company which is clearly passionate about combating infectious diseases.”
DWF Solicitors advised SPARK Impact on the deal whilst Andrea Cropley from Irwin Mitchell acted on behalf of Fusion IP and Robert Matthews of Keystone Law acted on behalf of Absynth Biologics.
