BGF has backed the health tech market intelligence provider with a £6m growth capital investment.
"We are excited to welcome BGF as a strategic partner. Their investment will enable us to scale our operations, enhance our product offerings and reach new markets. This partnership is a testament to the strength of our business model and the potential for future growth. We are confident that with BGF’s support, and the highly relevant experience of Gareth Miller, we will continue to lead the way in delivering cutting-edge healthcare technology market intelligence solutions."
The funding from the Development Bank of Wales will help the university spinout commercialise its rapid diagnostic tests for urinary tract infections.
"UTI prevalence is rising with an ageing population and the increase in antibiotic resistant infections. The gold standard for UTI diagnosis is microbiological urine culture and, in the UK, millions of urine tests are processed and cultured each year. However, a major drawback of urine culture systems is the time lag of approximately two days between specimen collection and pathogen identification. Fast and accurate diagnosis, leading to a rational treatment, is essential to achieve a timely and effective therapy."
The financing round was led by Sofinnova Partners and will fund upcoming clinical trials for kidney disease treatments.
"Our investment into Purespring Therapeutics fits perfectly into our strategy to support the UK’s life sciences and is the type of UK growth company which could benefit further by unlocking the potential of institutional investment. We need to support companies like Purespring as they go through development and trials before coming to market.Providing that capital simultaneously stimulates growth and helps to solve pressing medical challenges that will deliver long-term outcomes for generations to come."
— Ian Connatty, Managing Director, Direct & Co-Investment
