CamStent witness funding round success
A medical materials company have successfully raised a second round of funding, thanks to the Yorkshire Association of Business Angels.
In July 2011 CamStent raised £350,000 and quickly aimed to raise another £400,000 to progress their patented polymer coatings application which resists the growth of bacteria in medical devices. The funding round was oversubscribed and closed when applications reached £508,000.
Based in Cambridge, CamStent presented at a YABA Investment Forum in November 2010, attracting six YABA investors to its first funding round. All six angels have re-invested in the second round and have been joined by a seventh YABA member.
The initial funding allowed CamStent to carry out testing and development of the firms first application in resisting the growth of bacteria on catheters.
The new investment will allow the firm to extend its application into cardiology, and can be used to coat heart stents to reduce inflammation and in the marine sector where it will be used to repel biofilms which cause corrosion.
CamStent will use the new investment to take the company’s proprietary technology for urinary catheters through validation, experimental trials and regulatory submission ahead of human clinical trials.
CamStent CEO Dave Hampton commented:“We’re very grateful for the on-going support of the YABA business angels and welcome our new investors.
“On the back of our encouraging microbiology results and a successful 12 months, there was a high level of interest in this funding round leading to significant oversubscription. We’re looking forward to accelerating our first coating application, for urinary catheters, towards human clinical trial and licensing.”
Business angel, Stephen Savage, is one of the six original YABA investors: “With the security of a Technology Strategy Board award and all the development milestones having been met, I have been delighted to be part of the second round of funding which has ended up by being oversubscribed – a testament to CamStent’s potential.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .