Intercytex receives £1.4 million seed funding from Avlar BioVentures and Johnson & Johnson Development Corporation (JJDC)
27th February 2000
(by Avlar BioVentures)
Manchester, 27th February, 2000: Avlar BioVentures Ltd, who
recently launched a £20 million Biotechnology Seed Venture
Capital Fund based in Cambridge UK, is pleased to announce the
commencement of investment activities with provision of seed
capital and management expertise to Intercytex Limited.
Intercytex is the first dedicated, UK based, tissue engineering
company; its mission is to develop products to repair or replace,
lost or damaged tissues and organs. The Company's Founder and Chief
Executive, Dr Paul Kemp, is a pioneer in the commercialisation of
tissue engineering both in the UK and US, and has over 12 years'
experience in the biotechnology industry.
Alan Goodman, Avlar's CEO, said "I am very pleased that we have
been able to start making investments so rapidly after the
fund’s formation and that a venture of such quality as
Intercytex should be our first investment.”
Dr Kemp said "I am delighted that Intercytex will be the first
company funded by Avlar. The Avlar team brings a wealth of
experience in the biotechnology industry, and the management have
an outstanding track record in developing biotechnology companies
in the UK."
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