UNIVERSITY OF SHEFFIELD SPIN-OUT WINS VENTURE CAPITAL BACKING
1st February 2005
CellTran, the Sheffield based life sciences company that has developed a "biological bandage" for wound care, has won financial backing from the Yorkshire and Humber Equity Fund (YHEF).
The Company's wound care treatment capitalises on the healing power of a patient's own cells. Cells taken from the patient are cultured on a specially synthesised polymer layer at CellTran's production facilities in Sheffield before being returned for application to a patient's wounds. The use of the patient's own cells (autologous cells) speeds wound repair and recovery. Building on the success it has achieved in clinical trials CellTran is now looking for sales growth and to roll-out a portfolio of products that will both facilitate healing for the patient and offer cost saving benefits to the healthcare providers.
CellTran's Myskin product for burns has been launched and is winning enthusiastic support from clinical specialists in that sector. The £250,000 from YHEF, together with additional funding expected from the other investors to whom CellTran is talking, will allow the Company to address the chronic wounds market. In particular CellTran is aiming to provide an active healing and wound management service for people suffering from the leg and foot ulcers that are so often associated with vascular disease and diabetes.
The origins of the CellTran business lie in research carried out in the division of Clinical Sciences and Department of Engineering Materials at the University of Sheffield. With help from the University's spin-out arm, Sheffield University Enterprise Limited (SUEL), CellTran was established with first round funding secured from the White Rose Technology Seedcorn Fund. In 2002 as the research commercialisation process began to show positive results further investment backing came from The Wellcome Trust and from Vernon-Carus Limited, a top 50 NHS supplier which has become CellTran's distribution partner.
Malgosia Jarmolowicz, CellTran's Chief Executive Officer, joined the Company in 2002. She has a background in healthcare marketing and played a pivotal role in the sale of her previous company, Surgical Technology Limited. With 15 years experience from working in the medical technology and pharmaceutical sectors she sees the potential for growing the CellTran business. As she says "We have the basic building blocks in place - innovative technologies that are protected by worldwide patents, our own bespoke production facilities, excellent results from the clinical trials conducted to date, the necessary regulatory approvals and, in Vernon- Carus, a strong distribution partner. The task now is to build sales and to manage carefully what is likely to be a rapid expansion of the business."
At YFM Venture Finance Mary Broadhead and Peter Armitage were responsible for the appraisal work and negotiations that led to the YHEF investment. "I was impressed by the drive, determination and expertise that Mal is bringing to CellTran" says Peter Armitage "The Company has its own proprietary intellectual property (IP) and is serving markets that will grow as people live longer. We are pleased to become a minority shareholder in CellTran."
In completing the investment YFM Venture Finance was advised by Jim Gervasio of lawyers, Keeble Hawson. CellTran were advised by Mark Keane of Addlestone Keane.
Contacts
Malgosia Jarmolowicz, CellTran.
Tel. 0114 222 0980 / 07887 856228
Peter Armitage, YFM Venture Finance.
Tel. 0113 2945014