Deal of the Month win for stem cell tech group
A £3.1m funding round for a Liverpool-based regenerative medicine company has secured Insider's Deal of the Month for September.
Videregen has received £900,000 in equity funding from the North West Fund for Biomedical managed by Spark Impact, grant funding of £1.9m from Innovate UK (formerly the Technology Strategy Board) and £300,000 from London Business Angels and other private investors.
The company is aiming for its technology to become the world's first commercially available tissue engineered stem cell organ replacement product.
Videregen's approach begins by removing the cells from a windpipe which has been taken posthumously from a donor.
The patient's own stem cells are then seeded into the decellularised windpipe, multiplying and creating a living organ in a highly controlled laboratory ready to be transplanted into the recipient. This use of the patient's own cells greatly reduces the chance that the organ will be rejected.
Insider digital news editor David Casey said: "This deal stood out because of the sheer potential Videregen's regenerative medicine offers, helping to address a chronic shortage of organs for transplantation.
"The company's technology was built on the foundations of a ground-breaking operation in 2010 which saved a ten year old boy's life. This pioneering transplant surgery for Ciaran Finn-Lynch combined a donor windpipe with his own stem cells to give him a new trachea.
"Four years on, the £3.1m investment will now enable extensive manufacture development and clinical research, with Videregen hoping to create the world's first commercially available tissue engineered stem cell organ replacement product.
"If it is successful, this could have massive implications for doctors and patients alike. And although the current focus is on trachea replacement, the research could help in the development of bowel and liver replacement organs."