Relitect Ltd – Developing Next Generation Bioassays
Date: June 9, 2015
Relitect Ltd, a new University of Leeds spin out and IKC partner, and developer of a novel bioassay platform has secured an investment of £750K.
The Relitect proprietary technology enables highly sensitive detection of biomarkers or other analytes in a label-free multiplexed format, using small sample volumes. It has potential for utilisation across the clinical diagnostics and life sciences industries.
Relitect’s core technology was invented by Company founders Professor Christoph Wälti and Professor Giles Davies from the University’s Faculty of Engineering. Over ten years of academic research work has been carried out prior to incorporation of the spin out.
The £750K investment into the Company was led by IP Group plc with co-investment from IP Venture Fund II and Scottish Enterprise’s investment arm Scottish Investment Bank via the Scottish Co-investment Fund. The finance has been committed in two equal tranches, the second of which is subject to the achievement of certain milestones. The investment will support the Company to build its internal research and development capability, as well as manufacture and test prototype devices.
In parallel to the investment the Company is also pleased to announce the appointment of Alan Thomson as Technical Director. Alan brings over seventeen years of knowledge in the diagnostics industry to the Company with experience spanning from fundamental research through to manufacturing, product launch and on-market support of diagnostic products. The company will be based in Scotland.
Kerry Sharp, Head of the Scottish Investment Bank, comments: ‘We are delighted Relitect has chosen to locate in Scotland and that we are able to support the development of the company and its exciting new technology.’
Christoph Wälti, founder and Director, comments: ‘It is very exciting to see the technology transition from academic research to industrial development. The Company is very well placed with the appointment of Alan and the support of IP Group to deliver a product to market that can revolutionise how diagnostic assays are conducted’.
Cassie Doherty, from the Healthcare team at IP Group, said: ‘Relitect is exploiting a technology that offers well validated and significant advantages to improve clinical diagnostics and make more informative life science research products. We are looking forward to being part of the Company’s development and growth.’
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About IP Group
IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
IP Group’s portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
For more information, please visit our website at www.ipgroupplc.com.
About the Scottish Investment Bank
The Scottish Investment Bank is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Recycling Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in Epidarex Capital’s life sciences fund. These support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.
About the University of Leeds
The University of Leeds is one of the largest higher education institutions in the UK, with more than 31,000 students from 147 different countries, and a member of the Russell Group research-intensive universities.
We are a top 10 university for research and impact power in the UK, according to the 2014 Research Excellence Framework, and positioned as one of the top 100 best universities in the world in the 2014 QS World University Rankings. www.leeds.ac.ukBack to News Overview