MedTech’s company, which developed a new biomaterial for use in 3D-printed medical implants, has completed a £ 1.6 million funding round.
The investment in Nottingham-based 4D biomaterials is led by DSW Ventures and is part of the Marcia and Midlands Engine Investment Fund, MEIF’s proof-of-concept and early stage fund, Marcia’s own fund, and existing investors. Supported by SFC Capital.
The funds will be used to develop a variety of products through partnerships with medical device companies and expand the team by creating five new jobs at MediCity’s facilities.
4D Biomaterials product 4Degra can be printed in the exact shape required in the form of an open-cell honeycomb structure and can be used to improve patient outcomes in a variety of applications, including tumor removal in breast cancer patients.
As natural tissue grows through the cavities, the structure gradually erodes and is harmlessly excreted by the body. 4Degra may also be useful in recovering from other types of surgery and trauma, such as in a car accident.
4Degra – the only biodegradable 3D printed matter of this type – has been developed for over 15 years by Professor Andrew Dove’s research group at the University of Warwick and the University of Birmingham. The company, which spun out of college last year, has appointed Phil Smith, a proven entrepreneur in biotechnology spinouts, as CEO.
Phil Smith, CEO of 4D Biomaterials, said: With the continued support of SFC Capital and angel investors, the salary increase was oversubscribed by 60%.
“This puts us in a strong position as we move on to the next step in bringing our products to market.”
This investment will be the seventh in the portfolio of DSW Ventures, a venture capital business focused on the UK region. Erie Boardman, Investment Executive at DSW Ventures, commented:
“Technology is constantly evolving and we are pleased to be able to follow the company’s continued progress throughout the investment process. 4D Biomaterials technology is truly innovative and holds great promise for the company’s future. I believe that. “
Startup Raises £ 1.6m for 3D Printed Implants
Source link Startup Raises £ 1.6m for 3D Printed Implants