Biotech company attracts investment worth £170,000
A SHEFFIELD-based biotech firm has secured more than £170,000 of investment following its involvement in the Access to Finance for Healthcare Technologies programme.
Kirkstall, which develops innovative testing technologies, received £100,000 from outside investors who joined forces with Yorkshire Association of Business Angels.
The Viking Loan Fund provided Kirkstall with £70,000 of working capital to support the company’s growth.
The firm has developed toxicity screening products to be used by the chemical, pharmaceutical and cosmetics industries to reduce the need for animal testing.
Tests are based on human cells, reducing the risk of problems in human trials.
Managing director Dr Malcolm Wilkinson took part in Yorkshire Forward’s Access to Finance for Healthcare Technologies programme, managed by financial services firm Grant Thornton, which helped him shape the business plan and investor presentation.
Dr Wilkinson said: “The support provided by our mentors was very beneficial and helped us to hone our investor proposition. This helped us get the attention and secure the services of a first-rate non-executive chairman with impressive industry experience.”
Andrew Burton, chairman of the Yorkshire Association of Business Angels, said: “There are major changes being proposed to the way we test compounds before they are used in, or on, humans and Kirkstall is at the forefront of this work. The investment will enable the company to expand into this rapidly growing area.”
