Videregen secures £1.25m of early stage funding for its circa £2m round to boost its stem cell regeneration platform
Liverpool based, stem cell organ regeneration specialist, Videregen, has closed an initial £1.25m funding round with participation from founders, a syndicate of London Business Angel investors (including the LBA SEIS Roundtable Syndicate Fund 2012) and other investors including the Northwest Fund for Biomedical managed by Spark Impact. Chronic diseases account for 75% of healthcare costs in the UK/USA and as populations age this is likely to increase. There are more than 100,000 people on the UK/USA transplant waiting lists that require expensive treatments to keep them alive. Videregen has developed a transformational organ replacement platform technology that addresses this need by taking organ scaffolds and seeding them with a patient’s own stem cells. The company’s lead product to treat life-threatening airway disorders has already demonstrated its life-saving potential in successful clinical cases. This initial new round of funding, which is being complimented by a £1.9m Technology Strategy Board (TSB) grant, will allow the company to scale out GMP manufacturing and undertake the pivotal clinical trials of its lead product.
Steve Bloor, Videregen CEO, comments, “I am delighted to have secured our initial investment which will leverage our TSB grant. The investment will allow us to formally demonstrate our world-leading technology platform in a scientifically and clinically rigorous way, moving it further towards commercial reality. Sincere thanks to all of our investors for their support.”
Anthony Clarke, London Business Angels, CEO, ” I am delighted that LBA investors including an value add industry specialist lead angel have participated in this funding round, which remains open for a further circa £600k of EIS funding to allow Vidergen to undertake the clinical trials of its potentially ground breaking technology which could one day save many lives. My congratulations to Steve and his expert team.”