Absynth Biologics secures £850,000 investment from the North West Fund for Biomedical
Funding of the biotechnology company set to develop new vaccines against bacterial infections
UK biotechnology business, Absynth Biologics Limited has received £850,000 growth capital in a funding round led by the North West Fund for Biomedical, a division of the North West Fund and existing investor Fusion IP PLC.
University research firm, Fusion IP will now own a 42% equity stake in the biotech business following its £450,000 investment.
Founded as a spin-out project from the University of Sheffield, Absynth specialises in carrying out new approaches by identifying new bacterial antigens to develop vaccines against bacterial infections.
Having already created antibodies to prevent Clostriduium difficile and Streptococcus pyogenes infections, the biotech company intends to utilise its new funding to develop its vaccines against respiratory and skin disease, Staphylococcus aureus and its drug resistant form MRSA.
The funding will be combined with its recent £175,000 grant from the Biomedical Catalyst, a fund administered by the Technology Strategy Board, to advance its products.
Fiona Marston, chief executive of Absynth Biologics, commented:
“I am delighted to have the support of our new investor The North West Fund for Biomedical and the on-going support of our existing shareholder Fusion IP. This investment will fund exciting stages of development for Absynth’s S. aureus vaccine and pipeline R&D programmes.”
Manager of the North West Fund for Biomediacal, Dr Penny Attridge added: “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.”