Absynth Biologics, a biotech spin-out from the University of Sheffield, has raised £850k ($1.3m) in a venture round backed by new and existing investors.
University commercialisation firm Fusion IP, which operates as Sheffield’s tech transfer office, will hold a 42.84% equity stake in Absyth post-funding after putting forward £450k. The remaining £400k came from new investor the North West Fund for Biomedical, managed by venture firm Spark Impact, which seeks to support spin-outs and other small firms in the north west of England.
UK-based Absynth will use the backing to further develop its research into bacterial infections. Specifically, the company is seeking to develop vaccines which will overcome drug resistance shown in various strains of infection, including MRSA.
Fiona Marston, chief executive of Absynth Biologics, said: “I am delighted to have the support of our new investor The North West Fund for Biomedical and the ongoing support of our existing shareholder Fusion IP. This investment will fund exciting stages of development for Absynth’s S. aureus vaccine and pipeline R&D programmes.”
Peter Grant, operations director for Fusion IP and Absynth’s chairman, added: “We very much look forward to developing Absynth with our new investor, the North West Fund, to create a very exciting range of products in infectious diseases. The Absynth team are highly motivated and complemented by industry specific non-executive directors, all of whom work together to combat the very concerning threat of drug resistant bacteria.”
