Reacta Biotech, a Deeside, North Wales, UK-based food allergy diagnostic company, raised £2.9M in funding.
The round was led by Praetura Ventures (£1.5m) with participation from existing shareholders including the Development Bank of Wales (£1m), Perscitus, Jon Moulton’s family office, and Reacta’s management team.
The company intends to use the funds to continue to to scale up the manufacture of its current product range including peanut, egg and milk OFCs, to extend its product portfolio, expand its team of specialists and expedite work on enhanced packaging solutions.
Led by Dr Paul Abrahams, Chief Executive Officer, Reacta Biotech produces clinical diagnostics kits for food allergy testing. The business improves the efficiency, accuracy and safety of food allergy testing by producing pharmaceutical grade Oral Food Challenges (OFCs), the gold standard test for diagnosing food allergies.
The investment comes after a series of major growth milestones for the company that followed earlier investment from the Development Bank of Wales totalling £875k over the last two years. The company recently secured a multimillion-pound commercial contract with a top five global pharmaceutical company to supply the firm’s clinical trials over two years and, last month, gained Medicines and Healthcare Products Regulatory Agency (MHRA) approval to manufacture products to pharmaceutical standard (cGMP) at its site in North Wales.