A Newcastle biotech business has secured a milestone £1.1m funding boost to ramp up its pioneering work.
Nanovery has been developing nanorobots to help detect deadly diseases like cancer sooner since its launch in 2018, when co-founders Dr Jurek Kozyra and Roma Galloway wanted to launch a more efficient diagnostics solution for serious diseases, to bring more regular testing to clinicians and patients.
The firm’s platform of analytical tools are used in the development of a new class of drugs known as RNA therapeutics – a market potentially worth $20bn by 2030 – which are opening the door to addressing previously untreatable diseases, including several cancers.
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RNA therapies offer advantages including the ability to design and develop new drugs more quickly than conventional methods. However, the stability of RNA molecules and the ability to deliver them to their intended site are among current challenges in the treatment.
Testing technologies need to be carried out quickly but they are complex, expensive, time consuming and require high technical ability. However, Nanovery has advanced testing technology to the potential for more drugs to reach the clinic more quickly. As a result, it has already closed R&D deals with some household names.
Northstar Ventures has now backed the Biosphere based company with investment from two of its funds; £450,000 from the North East Innovation Fund, supported by the European Regional Development Fund, and £195,000 from the Northstar EIS Growth Fund, alongside £500,000 from fellow investors Smartlink. The business has also been awarded a grant via Innovate 海角视频’s investor partnership programme.
Jurek Kozyra, CEO and co-founder Nanovery, said: “We’re thrilled by the growing enthusiasm from our investors, which is reflected in the bold strides we’re making to commercialise our technology with leading global industry players, including top pharmaceutical companies. We’re determined to keep accelerating the growth and adoption of our cutting-edge nanotechnology platform, believing it will help bring the most promising, life-changing therapies to patients faster. We are incredibly thankful to all the investors who have supported us on this journey.”
North East defence specialist Pearson Engineering has helped to develop a robot mine sweeper which is now being trialled by the British Army to clear explosives on the front lines.
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The Newcastle company, based in the famous Armstrong Works, has worked with the Defence Science and Technology Laboratory (Dstl) to create Weevil, a device which is hoped will replace current mine-clearing methods that included Trojan armoured vehicles, which require a three-person team to operate in hazardous areas.
The robot mine sweeper is said to be able to clear minefields quicker and safer than present capabilities, reducing risk to soldiers on the front line and it can be operated via remote control by just one person from several miles away.
Ian Bell, CEO at Pearson Engineering, said: “We are proud to contribute to such game-changing capability. It brings together decades of development by Pearson Engineering, delivering the very best of minefield breaching technology proven around the world, and contemporary developments in teleoperation.
“Work with 海角视频 MOD is an incredibly important part of our business, ensuring our troops get the latest in combat engineering capability and that we can effectively defend our nation and allies.”
The financial advice arm of Newcastle Building Society has snapped up a County Durham business as part of its growth strategy.
Newcastle Financial Advisers Ltd has acquired Chester-le-Street based Orchard Financial Management, a deal which adds around 200 customers to the business, following the founders’ retirement. The Wallsend based business provides advice on investment, retirement, inheritance tax planning and protection advice through the Society’s network of branches across the North East, Cumbria and North Yorkshire.
The firm said the addition of Orchard gives the new customers access to face-to-face financial advice services throughout the mutual’s network of 32 locations. Graeme Leigh founded Orchard Financial Management in 1998 to provide advice on investments and pensions as well as protection and he has grown the business through word-of-mouth recommendations alongside his wife Michele.
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The pair have now decided to retire, saying they were drawn to Newcastle Financial Advisers because of its commitment to building long-term relationships with customers, and expertise in the market.
Mr Leigh said: “The top priority for Orchard Financial Management was to find the right and trusted home for our clients. Newcastle Financial Advisers has a fantastic reputation and we’re impressed by its strong high street presence both in County Durham and throughout the North East, North Yorkshire and Cumbria, which will help to ensure a smooth transition and integration of our local client base.”
A Durham asbestos specialist has been acquired by a Staffordshire business looking to strengthen its North East footprint. Asbestos service provider Environmental Essentials, based in Stoke-on-Trent, has snapped up Omega Asbestos Consulting Ltd for an undisclosed sum.
The BGF-backed firm said the deal strengthens the company’s core proposition, while providing a significant route into untapped markets, including telecoms, utilities and specialist manufacturing. Omega, which has 30 employees, specialises in asbestos management, including surveys, sampling and testing, training, compliance audits and project management for the removal of asbestos. It works across a variety of sectors, such as telecoms and healthcare, working alongside a number of NHS Trusts.
As part of the deal, Omega managing director Gary McKendrick will exit the business. His senior management team, including commercial director Steve Hubery and operations director Craig Johnston, will remain with the company along with other staff members.
Tyneside IT firm Technology Services Group (TSG) has acquired Bristol-based Computer Geeks in its second deal of the last six months. The Gateshead-based Microsoft Partner, which provides computing and AI services, said the move boosts its managed services platform, cyber security offer, and will boost its presence further in the South West. Computer Geeks' staff will now join the TSG team.
The business was set up in 2008 and is said to be a well-establish managed service provider with a focus on the Microsoft ecosystem within the cloud, workplace and security. TSG already has clients and employees in the South West, the acquisition now provides a hub in addition to offices in Glasgow, Newcastle, London, and Aylesbury.
Rory McKeand, CEO of TSG, said: "We are thrilled to have Computer Geeks join TSG. During our due diligence, we found that the brilliant teams are considered trusted advisors by their clients. Like us, they have a world class net promoter score, and our values align with helping ambitious businesses.
"Computer Geeks is a high-quality modern Microsoft cloud and modern workplace provider that is secure by design. The company became one of a handful of IT companies in its region to achieve National Cyber Security Centre Assured Service Provider status, the endorsement is a testament to Computer Geeks’ passion and expertise in cyber security protection.