CN Creative, Ltd., a University of Manchester’s Innovation Centre (UMIC), UK-based healthcare company providing innovative and sustainable solutions to reduce smoking and smoking-related illnesses, has raised £2m (approximately US $3.1m) a Series A financing.
The round was led by Advent Life Sciences.
The company intends to use the capital to continue and finalize development of its Nicadex™’ product. Nicadex™ is a hand-held device that delivers purified nicotine to the user through the vaporisation of a pharmaceutical-grade solution of nicotine. It will be tested in clinical trials and then submitted for regulatory review under the process used for other prescription NRT products, initially through the UK Medicines and Healthcare products Regulatory Agency (MHRA) and then through the US Food and Drug Administration (FDA) and other regulatory agencies.
Dale R. Pfost, PhD, a General Partner at Advent Life Sciences, has been appointed as Chairman of CN Creative. Kaasim Mahmood, a Partner at Advent Life Sciences, is joining the Board of the company, which is led by co-founder and Director David Newns.