Taragenyx, the first biotechnology firm in Glasgow's Entrepreneurial-Spark incubator, has raised an impressive £1.3 million in seed financing after just four months in business.
The ambitious start-up, which aims to transform the approach to dental and orthopaedic implants, has successfully raised a total of $2m from Kelvin Capital, Lancaster Capital and the Scottish Investment Bank arm of Scottish Enterprise.
Iain McDougall, chief executive, said: "This is a really special time for us. For a medical technologies start-up to raise one of Scotland's largest seed rounds is a real testament to the team we have put together and the strength of our underlying proposition."
Taragenyx, which takes its name from the Hindu goddess of healing, compassion and longevity, has developed coatings aimed at helping patients heal faster with less pain when metal hip, knee or other implants, as well as tooth implants, are infected or work loose.
The start-up was initially accepted into Entre-preneurial Spark's Glasgow "hatchery" last November for a 12-month residency.
Jim Hall of Kelvin Capital said Taragenyx had outstanding technology and management and its remarkable progress in four months augured well for its ability to get product to the market.
He said: "They have a remarkable coatings technology from which to deliver transformative therapies to the orthopaedic and dental implants market – a market crying out for some truly game-changing innovation."
There are 50,000 implants a day in the UK, and Mr Hall said patients were being "badly let down by engineered solutions to what are biologic problems".
Eleanor Mitchell, director of commercialisation at Scottish Enterprise, said: "The high growth start-up team and the Scottish Investment Bank team at Scottish Enterprise have been working closely with Taragenyx to unlock this investment, supporting the company to develop its proposition and ensuring it has a strong management team in place capable of delivering its objectives."
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