Newcastle-founded ScubaTx has raised £1.4m in a round led by the Praetura Ventures managed GMC Life Sciences Fund to continue developing its transformative organ preservation device after expanding into the North West of England.
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The funding round follows a period of growth for Newcastle-founded ScubaTx, which has just opened a new office at Manchester Science Park, to complement its design and engineering, pre-clinical trial work and further engagement with future commercial partners and key opinion leaders, including in the US, where it is garnering increasing interest.
Led by David Campbell (CEO) and co-founded by the company’s CSO Dr William (Bill) Scott, ScubaTx uses a process called ‘persufflation’ to cool donated organs and oxygenate tissues with humidified gas at tightly controlled pressures and flow rates, extending an organ’s viability for significantly longer.
Following this latest funding round, ScubaTx has also doubled in size, appointing six new staff with hires from Greater Manchester, Cheshire and the surrounding areas to bolster its specialist team.
The new hires are focused on building capabilities across operational, quality assurance and regulatory affairs, mechanical, electrical and software engineering.
The new office on the Oxford Road Corridor, in the heart of Manchester’s innovation district, will allow the 12-strong team to draw on the wealth of experience in medical devices, software development and complex system engineering from across the region.
Co-founder and CEO Campbell said: “Although our device may be a new concept to many, it’s been built from an established process with a long scientific history, providing a rich basis for us as we push the technique to new applications.
“Our new office at Manchester Science Park represents a real milestone, as we’ve transitioned from an entirely virtual company, to one with footholds across the North. While our pre-clinical and basic scientific research will continue from our Newcastle base, we’re excited to apply the local expertise and resources of Manchester’s rich life sciences innovation heritage to ScubaTx.”
Sim Singh-Landa, Investment Director at Praetura Ventures and Head of the GMC Life Sciences Fund By Praetura, said: “This latest round of funding follows an exciting period of progression for ScubaTx, enabling the business to accelerate its goal to revolutionise the organ transplantation process, increasing the number of donated organs successfully reaching recipients. This significant innovation could have a tangible impact for transplant patients across the globe, saving countless lives, accelerating a better quality of life and reducing the burden on health systems from the growing number of patients on waiting lists.”
In addition to the GMC Life Sciences Fund By Praetura (a collaborative fund managed by Praetura Ventures and made up of Bruntwood SciTech, Enterprise Cheshire and Warrington and Greater Manchester Combined Authority), ScubaTx has also raised money from new and existing investors, alongside a second Combined Investor Partnership grant from Innovate UK.
