Jellagen Pty Ltd raises 1.5M for next generation jellyfish collagen
20th April 2016
Jellagen Pty Ltd, a medical-technology company announces the completion of a further £1,533,000 equity investment led by Angels in MedCity, London Business Angels and Finance Wales with co-investment from xÃ©nos, the Wales Business Angel Network and other existing investors.
Jellagen is exploiting jellyfish to provide the market with a next generation collagen biomaterial that is perceived as safer and more technically versatile than current sources of mammalian derived collagen. Collagen is used in the manufacture of biomaterials due to its ability to form strong fibres and used in many forms, including gels scaffolds, and membranes, for a number of medical applications ranging from wound care and soft tissue repair through to bone grafts as collagen is the chief structural protein of the body. Jellagen’s current range of research grade collagen products are already on market for cell culture application and the business is also conducting in-house development of new medical devices for wound and cartilage repair. The company operates out of the Pembrokeshire Science & Technology Park, Pembroke Dock.
Jellagen will use this new financing to expand and increase its jellyfish collagen processing capacity and to establish a Quality Management System able to support a GMP process. The business intends to recruit up to six new staff over the next two years and will use the financing to strengthen and build its IP portfolio as well as business development and marketing activities to increase sales.
Dr Andrew Mearns Spragg, the Company’s Co-Founder & Chief Executive Officer said “We are really pleased by the continued investment and support shown by Finance Wales which reflects the good achievements made by the company to date. I am also delighted by the high level of angel investment secured in this round and particularly generated from our successful bids to pitch at the Angels in MedCity and London Business Angels events held in London in 2015. The new and existing angels bring a wealth of sector as well as financial experience and crucially will be able to open doors that will be of significant value as Jellagen grows.”
The lead angel investor Mr Thomas-Paul Descamps, a business angel with a considerable background and expertise in the life science sector added, ”We love the story, combining the commercial potential of the “next generation” collagen with marine and environmental concerns that goes with jellyfish. We are very pleased and excited to support the management in this major step for the future of the company“.
London Business Angels CEO, Anthony Clarke, commented, “Following this substantial funding round, Jellagen is now well placed to grow its exciting business of commercialising its range of next generation jellyfish collagen biomaterial products. I am pleased that an Angels in MedCity/London Business Angels syndicate, led by a highly experienced life science executive Thomas-Paul Descamps, has made a significant investment of over £900k in this investment round.“
MedCity CEO, Sarah Haywood, commented, “I’m delighted to see another innovative company grow and expand thanks to Angels in MedCity, which was created to unlock greater funding for promising, investment-ready companies and give early-stage investors the opportunity to access them. The UK life sciences sector punches well above its weight in science R&D, and ensuring companies like Jellagen can source funding to grow is crucial to our economy.”
Notes to Editors
About Jellagen Pty Ltd
Jellagen Pty Ltd founded in August 2013, is a Med-Tech business exploiting jellyfish to provide the next generation of collagen biomaterials that are safer and more technically versatile than current sources of mammalian derived collagen products for application in 3D cell culture (in vitro diagnostics, including research level regenerative medicine R&D) and medical devices. Jellagen’s research grade materials are on market and our vision is to be the leading provider of medical grade non-mammalian collagen products to these markets in addition to conducting in-house development of new medical devices for wound and cartilage repair. The company operates of the Pembrokeshire Science & Technology Park, Pembroke Dock.
For more information, please see www.jellagen.co.uk
About Angels in MedCity
Angels in MedCity is a partnership between MedCity, London Business Angels and Angels4LifeSciences. The programme aims to introduce new and existing business angels to investment opportunities from healthcare and life sciences companies. The programme has been devised and delivered by London Business Angels
LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 25 years’ experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years’ investing experience through the LBA network. LBA is a founding member of the British Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.
For more information on Angels in MedCity, please see angelsinmedcity.org.uk
For more information on LBA, please see lbangels.co.uk
About Finance Wales
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2014-15 the Group invested £66.5 million through 295 debt-equity investments in growing businesses.
The Finance Wales Group, one of the UK’s largest SME investors, has in excess of £400 million of funds under management.
The Group has invested over £436.9 million through more than 3,800 investments and leveraged over £693.3 million of private sector investment.
xénos is the Wales business Angel Network and specialises in raising equity private funds for start-ups and early stage businesses in Wales. To date it has raised some £24m+ in over 200 business in Wales.
For further information please contact:
Media Enquiries for Jellagen:
Andrew Mearns Spragg
Chief Executive Officer
Telephone: +44 (0) 333 358 3299
Telephone: 029 2033 8149