Calcivis attracts host of angel backers from Archangels to continue dental development
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A newly-formed Scottish biotech company has secured the backing it needs to develop its tooth decay assessment technology.
Calcivis, which is based in Edinburgh BioQuarter, has received £1.2 million of development capital in a deal led by business angel syndicate Archangel.
The deal sees 35 of Archangels' high net worths contribute to the round, while the Scottish Investment Bank is providing £400,000.
The start-up's technology uses a glowing protein to show where teeth are beginning to be damaged. It was developed by Chris Longbottom and Nigel Potts at Dundee University in partnership with Lux Innovate.
As part of the funding round, which is the first for the business, Adam Christie, non-executive director at oil and gas technology firm Lux Innovate, has become chief executive of Calcivis and will now lead the business as it embarks on two years of product development.
Speaking to GrowthBusiness Andy Laing, investment executive at Archangel, says that the syndicate is seeing healthy appetite for biotech deals.
While he says there are other similar products on the market, none are able to do what the Calcivis technology can. He adds that the company's management team and technology is well known in the region and contributed to a successful funding round.
Edinburgh BioQuarter, which is the location for the Scottish start-up, is a joint venture between Edinburgh University, NHS Lothian and Scottish Enterprise. It operates as a science park and commercialises research.
The site has closed its third partnership deal in less than a year following an agreement with Sweden-based Galecto Biotech. The Scandinavian firm will now work with Edinburgh University on treatment for fibrosis, a build-up of scarring around internal organs.