APA Parafricta backed for £230,000
Business angels back the innovative medical company
APA Parafricta Ltd, a developer of low-friction bandages and sheets, has received £230,000 of funding.
The company has gained £115,000 of funding from a group of private investors, known as the MedInnovate group, which is part of the Oxford Investment Opportunity Network (OION). The balance comes from the Bank of Scotland Corporate Growth Capital team.
The company is developing new products made from its patented Parafricta material. The new a new material is significantly more effective as a dressing than the traditionally used silk, as well as being more durable and washable at high temperatures, the company says.
George Sampson, chief executive officer of APA Parafricta, said: “We have the potential to sell Parafricta products worldwide, and are looking to develop a network of global distributors.
“The investment secured through OION and Bank of Scotland will allow us to expand our marketing activities, including further improving our website for online sales direct to the public.
“We have had great support from OION, and throughout the process have appreciated how approachable Eileen Modral and her team have been.”
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