A MedTech company which has developed a new biomaterial used for 3D printing medical implants has completed a £1.6 million funding round.
The investment into Nottingham-based 4D Biomaterials was led by DSW Ventures and backed by the MEIF Proof of Concept & 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.
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. Having spun out of the universities last year, the company appointed Phil Smith – an entrepreneur with a track record in biotech spin-outs – as its CEO.
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.”
The investment will become the seventh in the portfolio for DSW Ventures, the UK-regional focused venture capital business. Ellie Boardman, Investment Executive at DSW Ventures commented: “We have been extremely impressed by the team and product ever since our first meeting.
“The technology is constantly evolving, and we have been delighted to follow the company’s ongoing progress throughout the investment process. We believe 4D Biomaterials’ technology is truly innovative and have very high hopes for the company’s future.”