Durham University spin-out company Reinnervate, which is revolutionising the way cells are grown in the laboratory, is preparing for commercial manufacture and global sales after securing £750,000 funding in a deal led by NorthStar Equity Investors (NSEI), a venture capital firm specialising in early-stage high-growth technologies.
Led by Dr Stefan Przyborski, a researcher at Durham University and chief scientific officer of Reinnervate, the company has developed a polystyrene foam scaffold which enables cells to grow in 3-dimensions in a similar way to how they grow in the human body. Traditionally, cells have been grown in 2-d single layers on a flat-polystyrene substrate, either in culture vessels or flat plates containing a number of wells. Studies suggest however, that cells grown on the 3-d scaffold behave more naturally which for drug testing purposes is not only more cost effective but gives a truer reading of how the drug would perform within the body.
The company received £550,000 through NSEI's Co-Investment Fund, while a further £200,000 was raised through Angel Investors. Reinnervate has also received significant support from Cels (the Centre for Excellence in Life Sciences) in the form of a loan and consultancy guidance.
Commenting, Dr Alex Buchan investment manager at NSEI, added: "Reinnervate has created a product that will revolutionise the way cells are grown and drugs are tested particularly in areas such as toxicology. This is an exciting prospect for the company as this added funding will now provide the global push it deserves."
Dr Stefan Przyborski, added: "By using our technology to grow cells, scientists will be able to gain a more accurate understanding of how drugs will behave when introduced to the body. From a commercial perspective, our technology is not only the best on the market, but economical to produce with the potential to save companies working toward clinical trials, a great deal of money."
"As a Durham University spin-out company, we are proud to have our name associated with Reinnervate," said Dr Tim Hammond of Durham University. "Within our Centre for Stem Cell Biology and Regenerative medicine we have some of the most astute brains in the biotechnology industry and it is very fulfilling to see companies, like Reinnervate, leading the way in new technologies."
Mike Asher, CEO of Cels, said: "Companies like Reinnervate further reinforce the message that North East England is leading the way in healthcare and lifesciences and that there is the support and financial aid available to make them global players."
Journal
Journal of Anatomy