A Nottingham company behind a product that helps eye heal quicker has raised a further £1.1 million investment.
NuVision said the latest funding round brings the total raised by the company to over £5 million. The business was founded in 2015 by Dr Andy Hopkinson based on his research at the University of Nottingham. Its wound dressings are made using amniotic membrane – the sac that surrounds babies in the womb – and aid the regeneration and healing of the eye’s surface.
Its first product, Omnigen, is already approved for treatment on the NHS and is used in hospitals and private clinics in the UK and overseas. It can be applied in the operating theatre or, when used in combination with the company’s bespoke bandage contact lens, OmniLenz, in the outpatient department or clinic.
One of the benefits is Omnigen is a dry product which is stable at room temperature and rehydrates on contact with natural moisture from the eye.
The business has raised the cash from existing investors including the MEIF Proof of Concept & Early Stage Fund –managed by Mercia and part of the Midlands Engine Investment Fund – Mercia’s EIS funds, Pioneer Group (formerly the BioCity Group), the University of Nottingham and private investors.
It will enable NuVision to accelerate the development of its first two products in advance of a Series A investment in the next 12 months.
Chief executive Andy Hill said: “We are delighted to receive further support from our existing investors.
“This investment round is an endorsement of our innovative new therapies for ocular care and our commitment to developing rapid and accessible treatment for ocular injury.
“The next stage of development is the scaling of our commercial and operational capabilities ahead of a planned Series A round in late 2023 or early 2024.”
Hannah Tapsell, investment manager at Mercia Asset Management – which first invested in the company in 2015 – said: “Amniotic membrane has been used in healing for almost a century.
“NuVision’s unique cutting-edge biotherapy harnesses the benefits but in a format that makes it far more powerful and effective. Its product is already in hospitals in the UK and there is scope to expand its use to other conditions.
“The funding will enable NuVision to continue the good work and roll it out internationally so more patients can reap the benefits.”
Pioneer, which operates the BioCity Nottingham site where NuVision is based, has a long-standing collaboration with the company, having previously provided it with seed funding and tailored accelerator support.
Dr Glenn Crocker, executive director of Venture Capital Investments at Pioneer Group, said: “Our follow-on investment in NuVision reflects the quality of the company and its steady growth journey.
“We have been impressed by its uniquely innovative approach to treating ocular surface disease in a natural way. We are also confident that NuVision’s effective solutions for regenerating and healing the eye surface have the potential to become real game-changers in ocular care.”
