Second Pathfinder Investments

North West biomedical companies Alchemy Healthcare Ltd and Future Medical Technologies Ltd have each received £50K Pathfinder investments from the £25 million North West Fund for Biomedical. Run by early-stage venture capital firm SPARK Impact the £25 million North West Fund for Biomedical is part of the £185 million evergreen fund provided by the European Investment Bank (EIB) and European Regional Development Fund (ERDF), to supply debt and
equity funding to small and medium sized enterprises in the North West of England. Lancashire firm Alchemy  Healthcare Ltd has developed a delivery device to provide a measured dose of dry powders into the nasal cavity. Key advantages include high dose accuracy, relatively cheap manufacturing costs and the technology can be used across
multiple markets and application areas. Some estimates suggest this market could be worth circa $7 billion by 2012. Alchemy Healthcare Ltd will use the £50K Pathfinder investment for further product development and clinical trials. Manchester-based Future Medical Technologies Ltd has developed polymeric hydrogels to mimic human cartilage
for the treatment of arthritic diseases and focal defects in articulating joints, improving patient care. The £50K Pathfinder investment from the North West Fund for Biomedical will be used to speed up the development of its unique
HydraCartilageTM technology and gain regulatory approvals. Dr Penny Attridge, Senior Investment Director at SPARK Impact and manager of the Fund, said: “Interest in the North West Fund for Biomedical continues to grow and we are delighted to be able to announce our second set of investments. Alchemy Healthcare Ltd and Future Medical
technologies Ltd are both companies with tremendous potential and we look forward to working closely with the two teams to develop their applications for wide-scale use.”