The investment was used to establish itself as the leading provider of clinical-grade electrospun biomaterials to the medical device industry.
Electrospun nanofibre membranes can be designed to help the body repair and regenerate its own tissues, yet quality control issues relating to a lack of consistent and scalable manufacturing methods have hindered clinical use of such materials.
With its advanced technology and know-how, the company has been able to overcome these challenges and is now positioned to profit from this market, a rapidly growing part of the ‘added value’ biomaterials market (of which the USA alone accounts for c. $10 billion p.a.). As of 2016, the Company is supplying clinical grade electrospun biomaterial into the first FDA-approved medical device that includes such materials, and is now building a pipeline of regenerative-device customers and providing electrospun materials for clinical development programmes and products. The company raised the investment, which included participation from the LBA EIS Roundtable Syndicate Fund 2016, to increase capacity and expand into other markets across Europe and US.
Ann Kramer, The Electrospinning Company CEO, commented, “We have made significant progress over the past year and, thanks to the support of Angel networks, are well-positioned to grow as the use of novel materials in medical devices increases’.
Sarah Haywood, CEO of MedCity, said, “ We are delighted to see another company access the substantial funding they need to get to the next stage of growth. Electrospinning’s technology could transform the future of in vitro cell models and regenerative medicine and there is huge potential to expand this product worldwide.”
Anthony Clarke, LBA CEO, commented, “The Electrospinning Company has developed a highly innovative process for “electrospinning” biomaterials which has a wide range of applications. Following significant research and development spending, the company is now commercialising its products, initially through its electrospun membrane for rotator cuff repairs. This new investment now means that it is well placed to scale this existing commercial opportunity as well as explore further commercial applications of its core technology.