“Innovative” Newcastle University born business secures £426k investment to fund expansion

A business at the forefront of cell preservation with aims to “revolutionise the way we store, and transport cells and tissues” has raised £425,574 in investment.  

Atelerix was spun out of Newcastle University in 2017 by co-founders Professor Che Connon, Dr Steve Swioklo and Dr Mick McLean.

The conventional freezing and thawing of cells and tissues through cryogenics can be “hugely damaging”, and these cells often die or change their function in the process. To tackle this problem, Atelerix developed an innovative technology that encapsulates the cells in an alginate gel, preserving them at room temperature for up to two weeks. 

The simple and less costly preservation process means that cells are kept safe and can be delivered across the world undamaged when they reach their destination. The gel is simply dissolved when the cells are needed.

Atelerix received a £150k grant through the Regional Angel Investment Accelerator (RAIA) programme. Funded by Innovate UK, the programme is led by the North East Business and Innovation Centre (BIC) and delivered by the Innovation SuperNetwork and North Invest in partnership with the UK Business Angels Association.

The grant was matched with further £275,574 of investment from an array of angel investors across the UK. This included an investment of £15k by the newly formed Women Angels of the North syndicate, launched by Fund Her North.

Debra Leeves, chair of Atelerix said, “We are on the brink of fully commercialising a portfolio of five products, which meet the varied needs of our customers including biosuppliers, the global research community and the drug discovery industry (pharma, biotech and CROs).

“We have validated our products with potential users and their feedback shows we have got the right products at the right price to meet their needs. Securing this investment will enable us to start to generate revenue and grow the business.”

Jordan Dargue, head of access to finance at Innovation SuperNetwork and board director at North Invest said: “We were so impressed with Debra and her expertise and passion for Atelerix. The technology is innovative and solves a real market problem.”