A £550,000 investment has been injected into TTS Pharma, a business which has developed a companion diagnostic blood test for use by smokers.
TTS Pharma’s blood test allows it to provide smokers with a ‘tailored’ dose of nicotine via its patch technology to improve a patient’s chance of quitting, according to a statement.
The deal has been led by The North West Fund for Biomedical, which is managed by SPARK Impact, and is its 36th transaction to date. The fund, which is part of the £170 million The North West Fund, is providing £550,000.
A further £130,000 is being added by angel investors and the current management team, with a potential additional sum from high net worth individuals before the end of the year.
As part of the transaction, and in line with the fund’s strategy of only backing company’s in the North West, TTS Pharma will be relocating from Bristol to Liverpool Science Park in early 2013.
Mark Tucker, CEO of TTS Pharma, comments, ‘We are delighted that The North West Fund for Biomedical has recognised the impact that personalised medicine can bring to patients and providers alike.
‘Their support will help us to secure regulatory approval for the lead product and commercialise it in the UK, Europe and other high growth markets.’
TTS Pharma says that the smoking cessation market is worth $2 billion (£1.25 million) globally, of which nicotine products comprise more than half.
Of smokers using nicotine replacement, 52 per cent are said to under-dose, while 11 per cent over-dose and many more suffer severe adverse reactions to medications such as Bupropion or Varenicline.
Penny Attridge, senior investment director at SPARK Impact, adds, ‘As the NHS and healthcare continues to change the way it prescribes and pays for treatment, TTS has a solution which will be in the vanguard of the innovative interventions they must adopt to limit unnecessary overspend and contribute to greater efficiencies.’