We have helped ground-breaking biomedical research company Azellon Limited successfully close a funding round of up to £700,000. This, together with grant and other funding, took the total raised by the company to £1.6 million.
The firm advised Azellon, a spinout company from the University of Bristol, on the investment from a syndicate of investors including the University of Bath, Wyvern Seed Fund Limited Partnership, IP Group plc and Oxford Technology Enterprise Capital Fund LP in January 2009.
Azellon is a spinout from Professor Anthony Hollander's laboratory at the University of Bristol and specialises in the research and development of regenerative medicine techniques for repairing torn cartilage in the knee. The current technology involves a "cell bandage" to promote healing of the tear without the need for removal or replacement and represents a significant departure from the current therapeutic paradigm.
The Mills & Reeve team was led by partner, Zickie Lim, who specialises in fast growth technology businesses and private equity fundraising. "We're delighted to have advised this innovative company," she said. "It is becoming increasingly competitive to secure funding in the current economic climate. The technology behind Azellon is clearly cutting-edge and we are thrilled to have been able to help the company progress to the next stage of its development."
With the aid of the current funding, the company will embark on a two-year development plan towards its first human clinical trial. "So at the moment," jokes Professor Hollander, "we are a spinout company that has no product and nothing to sell, but if the clinical trial goes well then value will be added very quickly."
The company is already considering moving into the areas of tendon, ligament and muscle repair.
Troels Jordansen, Managing Director of Azellon, said: "Mills & Reeve's reputation and expertise in the university spinout and technology fields was vital to the successful conclusion of the investment. Securing this funding was essential for Azellon to be able to progress to the clinical trial stage. We are very excited to be in a position to continue the development of our unique technology."
The Mills & Reeve team comprised partner, Zickie Lim, assisted by corporate assistant, Pippa Pearce. Technology lawyer, Nicola Kenward, also advised the company.
Professor Hollander was also part of the team which recently created the first tissue-engineered trachea, using the patient's own stem cells and a decellularised donor trachea as scaffold.