Further investment for pioneering bio firm
BioEden, a specialist tooth stem cell bank, has secured a second round of funding from Finance Yorkshire. A £200,000 equity linked package takes the total invested in the business by Finance Yorkshire to £700,000, and will enable BioEden to increase its direct marketing and advertising spend.
The business, which has its world headquarters in Huddersfield, was founded in the US in 2006 and expanded into Europe the following year.
By 2013, it had banked more than 25 billion stem cells from children's milk teeth, and today operates in 21 countries.
BioEden's mission is to make stem cell therapy accessible and affordable to everyone.
Tony Veverka, BioEden chief executive, said: "Stem cell therapy isn't a new concept; it has an established place in medicine and is constantly developing.
"Dental stem cells in particular have immense potential because they can change into other types of cells and may be used to treat conditions such as heart disease and Alzheimer's.
"We believe in making this potentially life-saving service accessible for every parent, and this second round of funding from Finance Yorkshire is enabling us to ensure we have the infrastructure in place to implement our new pricing model."
Finance Yorkshire investment director Paul Gower said: "BioEden has so far been very successful in a number of global markets, particularly in Latin America.
"The funding from Finance Yorkshire, alongside investment from other investors, will enable the business to further raise its profile in the UK and the US."
To date, Finance Yorkshire has made 641 investments totalling £80m.