Discovery Park launch 'no equity' investment fund
A fund which will invest in exciting early-stage companies, helping them leverage funding has been established at Discovery Park.
The launch comes as the life sciences industry continues to be one of the highest profile global sectors with investment in UK biotech alone jumping 60% to £4.5bn in 2021. Discovery Park is a Life Sciences Opportunity Zone, enabling it to attract investment from national and international business linking research and business expertise.
Discovery Park, is one of the UK’s leading centres of life sciences innovation, and the new investment fund is aimed at disruptive technologies.
The initial £1m from private funding will invest in exciting early-stage companies at start-up or to help them leverage funding without giving up equity or ownership. DPV has ambitious plans to expand the fund up to £25m in the next three years.
Based at Sandwich in Kent, Discovery Park is home to more than 160 companies, from multinationals including Pfizer, to innovative start-ups. The first fund investments have been awarded to ophthalmology company, VisusNano, and drug delivery start-up, Vitarka Therapeutics.
The companies have received £100,000 and £140,000 respectively from DPV in order to support advances in ocular and cancer treatments.
The launch comes as the life sciences industry continues to be one of the highest profile global sectors with investment in UK biotech alone jumping 60% to £4.5bn in 20211. Discovery Park is a Life Sciences Opportunity Zone, enabling it to attract investment from national and international business linking research and business expertise.
VisusNano is developing a pipeline of intraocular lens implants (MEDILens), expected to revolutionise cataract surgery in both the human and veterinary markets and dramatically improve outcomes for patients. DPV’s investment provides support funding for the company’s £1.39m Innovate UK Biomedical Catalyst award to test the safety and efficacy of MEDILens in humans. It is part of VisusNano’s £1.5m Series A round, which is expected to close shortly.
Vitarka Therapeutics is a preclinical biotech company focused on the development of combination medicines using RNAi therapies and a non-viral drug delivery platform, initially focused on cancer. This approach aims to activate the immune system and significantly change outcomes for late-stage patients with lung, colon, breast, and other cancers.
Mayer Schreiber, Chairman of Discovery Park Ventures, said: “The launch of Discovery Park Ventures will allow us to champion companies that have the potential to make breakthrough-discoveries in life sciences and technology and to scale rapidly.
“VisusNano and Vitarka Therapeutics are very exciting investments with which to launch Discovery Park Ventures. We’re looking forward to investing in many more innovative companies in the UK as the fund grows, helping to develop healthcare innovations and drive regional economic growth.”
Dr Joanna Gould, CEO of VisusNano, said; “We’re delighted to welcome Discovery Park Ventures as a new investor as we enter this exciting clinical phase of development. As a Discovery Park tenant we have found the environment very supportive, and this investment is another way in which the Park is driving our growth.”
Dr Vineeta Tripathi, CEO of Vitarka Therapeutics, said; “We’d like to thank Discovery Park Ventures for its belief in our innovative approach to cancer treatment and therapeutic delivery, and welcome it as a shareholder. Vitarka Therapeutics looks forward to working with DPV as we generate our proof-of-concept data.”
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