Jellagen wins £550,000 investment to produce medical grade collagen
21 May 2014
Jellagen Pty Ltd has announced a £550,000 equity investment led by Finance Wales with co-investment by six members of xénos, the Wales Business Angel Network and SWAIN.
Jellagen aims to be the world’s first provider of pharma grade, GMP and ISO certified Type I and Type II jellyfish collagen as a raw material.
Collagen is used in the manufacture of biomaterials due to its ability to form strong fibres and used in many forms, including gels scaffolds, and membranes, for a number of medical applications ranging from wound care and cartilage repair through to bone grafts.
Founded in May 2013, the company offers a full spectrum of jellyfish derived collagen proteins, mainly Type I – Type V, and a range of additional products in development for derma care and medical device applications. The company operates from a processing facility in Pembrokeshire, Wales with its medical grade product being produced by its strategic partner Collagen Solutions Plc, Glasgow. As it expands its headquarters in Pembrokeshire, Jellagen plans to recruit up to four new staff over the next two years through its links with Cardiff and Swansea universities.
Alex Mühlhölzl the Company’s Founder and Chief Technology Officer said: “We are really pleased to have secured investment from Finance Wales, a syndicate of private investors from xénos and a member of the SWAIN business angel network. These funds will be used to expand and improve our processing facility as well as some product development and collaborative research projects”
Andrew Mearns Spragg, the Company’s Co-Founder & Chief Executive Officer added “The investment and partnership provide Jellagen with a great strategic opportunity for the marketing and development of novel GMP medical grade collagen products from a natural and sustainable biomaterial resource.”
xénos Manager, David Maas said: “Jellagen has a great deal of potential thanks to its innovative products and the wide range of applications they can be used in, particularly in critical parts of the healthcare sector. A syndicate of six experienced angel investors has backed Jellagen in the initial SEIS round and Alex and Andrew can also benefit from their expertise and experience in addition to their investment. The angel investors have also benefitted from the Seed Enterprise Investment Scheme (SEIS) which offers investors significant tax incentives from investments in exciting early-stage technology ventures like Jellagen.”
The Company was initially funded through internal investment and a SMART Scotland award which was used for a technical and commercial feasibility project.