Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has invested in Ablatus Therapeutics for the Low Carbon Innovation Fund 2 (LCIF2). The investment of £85,000 is part of an overall round which could reach £1.5million.
Ablatus Therapeutics is developing Bimodal Electric Tissue Ablation (BETA), an innovative improvement over existing tissue ablation techniques, in order to offer greater clinical options and to improve patient outcomes.
The company was founded in October 2015 and is the first spin-out from the Norfolk and Norwich University Hospital, where the BETA technology was invented. BETA is a form of tissue ablation, a minimally-invasive procedure whereby abnormal tissues (such as tumours) can be destroyed in situ, as an alternative to surgery. Radiofrequency Ablation has limitations in terms of the size of tumours it can address, but BETA has the potential to improve upon these, potentially allowing the ablation of previously untreatable tumours.
Kevin Murphy, director at Turquoise, commented: “Ablatus Therapeutics is developing its BETA technology. BETA offers the potential for more clinical options for cancer treatment, along with improved patient outcomes, and also the possibility of treating tumours not suited to currently available techniques. We are delighted to make this investment as it fits very well in the investment strategy of LCIF2 into technologies helping to reduce greenhouse gases (GHGs) as there are huge savings to be made by avoiding patients having an extended stay in hospital due to invasive surgery.”
David Lewis, CEO of Ablatus Therapeutics added: “We are delighted to welcome LCIF2 as an investor in Ablatus Therapeutics. This investment will enable us to achieve our immediate goal of ensuring the company is able to achieve the CE marking for its technology, a significant step forward goal in taking the product to market. It will also help the growth of the business in the UK and Europe as well as strengthening our links to local and national government.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
Ablatus Therapeutics has been developing a novel technique for the treatment of tumours called bimodal electric tissue ablation (BETA). It uses electrical energy to destroy cancerous tissue, meaning that surgical removal is not needed.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.