An animal healthcare company which develops therapeutic devices has been served a £265,000 cash injection to help its growth.
Curar Animal Therapeutics has introduced medical ultrasound products to the animal market, specialising in helping horses and smaller pets speed recovery from bone and soft tissue injuries.
The firm said its flagship product Sonivet, a device that delivers low- intensity ultrasound signal, has been proven to accelerate the healing of orthopaedic injuries, allowing animals to return to mobility more quickly.
The Newcastle-based company has now secured £265,000 from the Finance for Business North East Accelerator Fund, managed by Northstar Ventures, London-based Addidi Angels and private investors, to help grow the business and realise the full potential of Sonivet, in a deal overseen by Newcastle-based law firm Sintons and RMT Accountants and Business Advisors in Newcastle.
The next step in the expansion plans will see Sonivet’s launch on to the equine market at the British Equine Veterinary Association (BEVA) congress in September, with Curar initially targeting the small animal and equine market in the UK, with wider international growth planned for the years ahead.
It is the first product to be brought to market by Curar, which was launched as a business in 2010 after being developed at Newcastle Science City.
Now based at the Toffee Factory in Ouseburn, Newcastle, the product has been developed in collaboration with veterinary surgeons to ensure it can cope with the most physically challenging environments, including outdoor use for horses.
The device – which was designed by Peter Masters and Dan Martin from Ouseburn-based Octo Design – is non-invasive and pain-free and has been proven to help with rehabilitation through being applied to the injury for 20 minutes each day for between 10 and 28 days.
Sonivet, which can be used by both vets and animal owners, then provides feedback to the user to ensure it is applied effectively.
Dr Helen Floyd, founder and managing director of Curar, said: “Initially, we will be looking at national distribution, but will then take it forward to a wider scale. We are very confident in the future for Sonivet, and are grateful for the financial support from our investors.”
Dr Alex Buchan, investment manager at Northstar, said: “We are delighted to continue funding Curar – Northstar invested in Curar back in 2011 through its Proof of Concept Fund.
“Helen has developed an excellent product that is going to really help the rehabilitation of animals and their injuries that might have been untreatable without the help of Sonivet.
“We are particularly keen on the idea of taking well-established technologies in the human sphere and adapting them for the more challenging conditions of animal care.”
Anthony Evans, partner in the company and commercial department at Sintons, said: “We are very pleased to have been able to help secure this investment for Curar, which will help propel their work and the success of Sonivet to the next level.”
Stephen Slater, director at RMT, who has worked with Curar since its inception at Newcastle Science City, added: “Helen has built strong foundations for the Curar business, and her commitment to taking it forward has been highly impressive.”