NEWCASTLE law Firm Ward Hadaway has advised on a £550,000 investment on a personalised product to help smokers kick the habit.
The North West Fund for Biomedical is making the investment in TTS Pharma, which has created a companion diagnostic blood test product, which means the company can provide smokers with a tailored dose of nicotine via their unique patch technology to greatly improve the patient’s chances of quitting.
The investment is part of a larger round of funding including £260,000 in capital equipment and £130,000 from angel investors and current management. The project is also aiming to pull in further investment from high net worth individuals before the end of the year.
Mark Tucker, chief executive of TTS Pharma, said: “TTS is all about improving the quality of care at the point of care, providing the right treatment, to the right patient, at the right dose.
“Even the best medicines are not equally effective in all patients, especially when you consider the propensity to administer the wrong dose. Knowing which treatment pathway works best for each quitter in advance empowers clinicians and pharmacists to prescribe more accurately.
“We can now simultaneously offer both a cheaper and clinically more effective treatment introducing major savings and allowing budgets to be redistributed more fairly.
“We are delighted that the North West Fund for Biomedical has recognised the impact that personalised medicine can bring to patients and providers alike.
“Their support will help us to secure regulatory approval for the lead product and commercialise it in the UK, Europe and other high-growth markets.”
Dr Penny Attridge, senior investment director at Spark Impact, manager of fund, said: “As the NHS and healthcare continues to change the way it prescribes and pays for treatment, TTS has a solution which will be in the vanguard of the innovative interventions they must adopt to limit unnecessary overspend and contribute to greater efficiencies.
“CDx patches could have a profound effect on the provision of care in this area and we are excited about what lies ahead.”
Ward Hadaway provided legal advice to Spark Impact on the investment with corporate finance partner Melanie Yeomans leading the team on the transaction.
She said: “We are delighted to have been able to work with Spark Impact on this investment in technology which targets a huge global market.
“As healthcare spending increasingly focuses on providing personalised treatment, TTS’s approach sees it well-placed to provide solutions.”