Drug safety start-up InoCardia receives £300,000 from Mercia
Coventry University spin-out ready wil use investment to commercialise its pioneering drug safety testing model
InoCardia, a Coventry University drug safety testing spin-out, has recieved a £300,000 capital injection from technology investor Mercia Fund Management (MFM).
Founded by Helen Maddock, InoCardia tests the effects of new drugs on real human heart tissue by measuring heart muscle contraction and relaxation in normal, ageing and diseased tissue – negating the need for human and animal trials.
Its technology helps to determine potential adverse effects on the cardiovascular system before clinical testing, which can lead to wide scale withdrawals, and can “cost pharmaceutical companies billions in lost revenues and legal fees”.
Alongside the £700,000 it was recently awarded by Innovate UK, InoCardia will use this new funding to build out its management and technical team and accelerate product development into commercialisation.
Maddock commented: “It is with great pleasure that we accept further investment from Mercia. Their support has been invaluable as we seek to commercialise our research and build partnerships with pharmaceutical organisations.
“We also look forward to working with Dr Nicola Broughton, who has extensive experience in working with university spinouts on the commercialisation and development of their research.”
Broughton, investment director and head of technology transfer at Mercia Fund Management, continued:
“This sector is ripe for innovation, with the commercial traction and product development to date confirming the capability of InoCardia’s founder and chief science officer and her department to innovate and develop products with the potential to reduce the cost of accelerating drugs into clinical development and ultimately saving lives.”