TTS Pharma, a UK-based developer of a personalized nicotine patch for smokers, has received a £550k in funding.
Backers include The North West Fund for Biomedical, angel investors and current managers of the company, with a potential additional investment from other individuals before the end of 2012.
TTS Pharma intends to use the capital to secure regulatory approval for the lead product and commercialize it in the UK, Europe and other select markets.
Led by Mark Tucker, CEO, the company has created a Companion Diagnostic blood test product that aims to improve the patients’ chances of quitting by providing them with a tailored dose of nicotine via a patch technology.
TTS Pharma is currently relocating from Bristol to Liverpool Science Park early next year.