Reacta Biotech secures £2.9m investment to scale up manufacturing of food allergy diagnostic kits.
The funding round was led by Praetura Ventures with participation from the Development Bank of Wales and Perscitus.
Share allotment filed at Companies House
Deeside-based biotechnology company that manufactures pharmaceutical-grade oral food challenge kits for allergy diagnostics.
Reacta Biotech has secured £2.9m in a funding round led by Praetura Ventures. The North Wales company produces pharmaceutical-grade oral food challenge kits designed to improve the standard of clinical food allergy testing.
The investment also saw participation from the Development Bank of Wales, Perscitus, and the company's management team, with Acceleris Capital brokering the transaction. The capital will be used to scale up manufacturing of current product lines, expand the specialist team, and broaden the product portfolio.
The raise follows a period of commercial growth for the business, including regulatory approval to manufacture products to pharmaceutical standards and a contract to supply a major pharmaceutical firm.
From the founder
"It’s been a landmark year for Reacta, and we continue to go from strength-to-strength as a business, developing new diagnostic products and expanding our capabilities. The number of people experiencing food allergies is increasing, so it’s vital that technologies to accurately and safely test for allergies are developed. We’re committed to providing excellence in the development of a suite of OFC products, and revolutionising the way food allergies are diagnosed worldwide."
Paul Abrahams
Chief Executive Officer at Reacta Biotech
Investor perspective
"It’s great to be backing a business which is on track to have a significant and positive impact on society as well as returning significant funds for our investors. We look forward to supporting the team on the clinical contacts and customer side, as well as working with them on the strategy and marketing."
Andy Round
Director, Praetura
Use of funds
- 01Continue product development
- 02Grow the team
- 03Build out infrastructure
Investors
Categories
About the company
Reacta Biotech
Produces standardised diagnostic kits for clinical food allergy testing.