VascVersa completes second investment round
VascVersa completes second investment round to accelerate development of ground-breaking cell therapies.
• VascVersa, a spin-out from the Queen’s University Belfast, has secured its second funding round, raising over £0.5 million.
• VascVersa is developing a new class of cell therapy, Angicyte, which promotes the creation of new blood vessels.
• Target patient groups include diabetic patients suffering from non-healing foot ulcers – which cost the NHS over £1 billion a year.
VascVersa, an award winning, early-stage regenerative medicine spin out from Queen’s University in Belfast, has completed its second seed funding round, raising over £500,000.
The investment was participated in by Co-Fund NI (managed by Clarendon Fund Managers), QUBIS, the commercialisation arm of Queen’s University Belfast, the Innovation Investment Fund and angel investors from the Halo & Business Angel Network (‘HBAN’).
The funding complements VascVersa’s successful recent Innovate UK Biomedical Catalyst grant for a £800,000 project.
The Belfast based company is developing a cell therapy product as a new treatment for vascular regeneration. The latest investment will allow the company to accelerate the development of its ground-breaking Angicyte technology. Angicyte promotes healing by making new blood vessels leading to improved blood supply.
Cell therapies are at the forefront of medicine and are recognised as a revolutionary new way to treat diseases. The company is coordinating research being undertaken in world leading research centres in Belfast, London and Edinburgh to develop its new cell therapy. The first target is “chronic non healing wounds” which includes diabetic foot ulcers, but the technology will also be investigated for other vascular diseases.
Christina O’Neill, CEO of VascVersa said: “This investment is a significant milestone for VascVersa. It will enable us to accelerate development of our first product for diabetic foot ulcers and also develop our technology for other vascular diseases. I’m extremely grateful to all our funders for their invaluable support throughout VascVersa’s development.”
Aidan Courtney, Chairman of VascVersa added: “We have received tremendous support from our investors and Queen’s University Belfast which will allow the company to expand its Belfast research facilities and develop new products based on its ground-breaking technology.”
Stuart Gaffikin, Investment Manager at Clarendon Fund Managers said: “Co-Fund NI is delighted to continue to support VascVersa and its team as it progresses the development of its regenerative cell therapy product, Angicyte, for use as a treatment for diabetic foot ulcers as well as other vascular diseases.”
David Moore, Investment Manager at QUBIS, commented: "QUBIS are delighted to support the VascVersa team to build on the Biomedical Catalyst award with this funding round.”
Oisin Lappin from the Innovation Investment Fund said: “The visionary technology Christina and the VascVersa team are bringing to market will have a lasting impact on patient’s lives. This funding round alongside the Innovate UK support will help support them in this journey.”