NuVision Biotherapies, a Nottingham, UK-based regenerative medicine company, raised £500k in funding.
Backers included Mercia Fund Managers, angel investors and the University of Nottingham.
The company intends to use the funds to further develop its product range, strengthen its management team and increase sales in the UK and internationally.
Set up in 2015 with funding from Mercia to commercialize research work carried out at the University of Nottingham by Dr Andy Hopkinson, who is now CEO. NuVision has developed a wound-healing therapy that harnesses the regenerative properties of amniotic tissue, which is found in the sac surrounding babies in the womb and is normally discarded at birth, to prevent sight loss. Its first product – Omnigen® – is designed for use in eye surgery and provides a ‘biological bandage’ for the treatment and surgical reconstruction of wounds.
More than 2,400 treatments have been distributed since the product was approved for human and veterinary use in April 2016.
The company’s latest innovation OmniLenz®, a bespoke contact lens, allows the delivery of Omnigen regeneration without the need for surgery.
NuVision is also exploring other wound care applications and a clinical study is due to start in May using it to treat diabetic foot ulcers, which is a major clinical problem worldwide.
The company – based in MediCity, Boots Campus, Nottingham – has signed agreements with distribution partners in Ireland and Finland and is in talks with distributors in other countries.