Curapel, the creator of a range of patented skin-care technologies, has attracted £200,000 of private equity funding from Glasgow-based business angel syndicate Lancaster Capital.
It expects that to be the first tranche of a total £350,000 investment to help develop its "revolutionary" treatments.
The company, based in Glasgow's Bath Street, was a spin-out by UMIP, Manchester University's intellectual property commercialisation agency, and is based on award-winning research in the university's faculty of medicine. It will use the angel backing to reach key milestones on the path towards clinical trials, consumer studies and commercialisation.
Dr Neil Gibbs and Dr Cath O'Neill, joint founders of Curapel and finalists in the 'Commercial Innovator of the Year 2014' award, said: "We're delighted to have received this initial funding, which will enable Curapel to progress its technology and products towards partnering and the commercialisation of new, safe and effective treatment for patients."
Curapel's technologies are targeted at providing safe and effective treatments for eczema, psoriasis and skin pigmentation disorders.
The initial cash injection represents first-round funding and the company will seek further rounds to take forward its programmes, with the aim of partnering with industry participants to commercialise the products internationally.
Curapel's website says: "We understand that many patients are unhappy with the side effects of their current treatments such as steroid creams and that there is an enormous demand from clinicians and the industry for safe and effective alternatives."
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