A Nottingham-based company, which has developed a new biomaterial used for 3D printing medical implants, has secured a £1.6m investment to facilitate its development.
The funding will be used to develop a range of products through partnerships with medical device companies and expand its team with the creation of five new jobs at its premises in MediCity.
4D Biomaterials’ product 4Degra can be printed to the exact shape required in the form of an open cell honeycomb structure and used to improve patient outcomes in a range of applications including tumour removal in breast cancer patients. As natural tissue grows back through the voids, the structure gradually erodes and is expelled harmlessly by the body. 4Degra could also help patients recovering from other types of surgery and trauma, such as that caused by road traffic accidents.
4Degra – which is the only 3D printed material of its type that is also biodegradable – was developed for over 15 years in Professor Andrew Dove’s research group at the University of Warwick and University of Birmingham.
The investment into 4D Biomaterials was led by DSW Ventures and backed by the MEIF Proof of Concept and Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s own funds, and existing investor SFC Capital.
Strong go-to-market position
Phil Smith, CEO of 4D Biomaterials said: “I am delighted to welcome DSW Ventures and Mercia on board at this exciting time for the company. The raise was oversubscribed by 60%, helped by the continuing support of SFC Capital and our angel investors. This puts us in a strong position as we move into the next phase of taking our products to market.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank added: “We’re delighted to see this latest investment from the MEIF support new biotechnologies in the health sector. One of the key objectives of the MEIF is to see companies, like 4D Biomaterials, innovate, develop new products and expand. We encourage other businesses in the region to consider funding options available through the MEIF.”
Sajeeda Rose, Chief Executive of D2N2 LEP said: “Through the Midlands Engine Investment Fund, we want ambitious businesses to have the opportunity to grow and innovate, so I’m delighted to see this investment for 4D Bio. The region is known for its healthcare innovation and this investment will support 4D Bio in its growth and create highly skilled jobs for our communities.”
Midlands Engine Investment Fund
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. The D2N2 ERDF contribution to MEIF is £11.75m.