Multi-million divorcee joins spin-out

A YORKSHIRE university spin-out firm has appointed a high-flying City financier who was at the centre of a multi-million pound divorce settlement.

Alan Miller's divorce from his wife Melissa made headlines in 2005 when he was ordered to pay her a settlement of £5m after less than three years of marriage.

Now Mr Miller, the former chief investment officer of New Star Asset Management whose wealth was estimated at £17.5m at the time of his divorce, has joined the board of a small University of Leeds spin-out firm called Tissue Regenix as a non-executive director.

The firm, based at Leeds Innovation Centre in Clarendon Road, has developed revolutionary techniques that allow tissues to be regenerated inside the body.

Founded by Professors Eileen Ingham and John Fisher in 2006, Tissue Regenix has just completed a £3m of new financing and appointed Mr Miller as a non-executive director.

Its products, developed from animal tissue, can be used by surgeons instead of donor tissue or tissue taken from the patient in surgery on diseased blood vessels and heart valves as well as damaged ligaments, tendons and cartilage in knees.

Prof Fisher said: “I am delighted that Tissue Regenix has secured this investment which will enable the company to accelerate our lead products into clinical trials.

“I am pleased to welcome Alan Miller to the board. He brings a wealth of investment experience which will be invaluable to Tissue Regenix's development.”

Tissue Regenix is one of the firm's in which the quoted IP Group holds a stake and it also received early stage funding from the White Rose Technology Seedcorn Fund.