Five firms will benefit from the extra investment – four of them in Merseyside
All of the firms, who are involved in significant medical advances, have already received investment from the fund which is run by SPARK Impact and is part of the wider North West Fund.
They include Liverpool Science Park-based Videregen, the developer of stem cell organ regenerative medicine, which has secured follow-on funding of £400,000.
This will allow the business to extend the scope of its technology to transform a pig’s bowel so that it can be transplanted into a human.
A further £230,000 has been invested to allow Merseyside business CellCap Technologies to accelerate its development of blood tests to diagnose Alzheimer’s, Parkinson’s and similar diseases.
And Liverpool-based Ostara Biomedical, an artificial fertility specialist company, has received a further £750,000. This will allow the business, which aims to reduce the number of animals used in research, to complete product development with a target product launch in early 2016.
Another Liverpool company to receive funding is Stuff of Life (Secret Saviours), the developer of anti-stretch mark underwear for pregnant women.
A £150,000 investment will be used by the company to further market the product in the UK before expanding into the EU.
The fifth business to receive investment is Manchester-based Zilco which will use its extra funding for the full commercial roll-out of its cervical cancer detection device, the Zedscan.
The latest investment top-ups take the total amount invested by the North West Fund for Biomedical to more than £27.5m.
Dr Penny Attridge, investment director at SPARK Impact, said: “The latest round of investments features a real variety of up-and-coming technologies which are all at various stages of product development and success.
“What’s clear to see is that each is making a big impact in its respective field – targeting problems such as the shortage of organ donations and the need for more accurate diagnosis of cervical cancer.
“The quality of our portfolio companies continues to excel and we look forward to further boosting our existing companies.”