Organ transplant spinout ScubaTx scoops £1.5m
An organ transplant spinout from Newcastle University has raised £1.5m to establish an office in Greater Manchester.
ScubaTx says its device, currently at the prototype stage, can extend the transportation time for organs to over a day by cooling them through humidified gas.
ScubaTx’s round was led by the GMC Life Sciences Fund by Praetura and also attracted Innovate UK grant funding.
David Campbell, CEO of ScubaTx, said: “Securing funding from the GMC Life Sciences Fund by Praetura and Innovate UK will now allow us to finalise our first commercial product and continue with our mission to transform the lives of organ patients worldwide.”
Newcastle-based ScubaTx will now work on remaining mechanical tests before pre-clinical trials in the coming weeks.
To start, the organ transplant startup plans to target pancreatic procedures for people with diabetes.
“I have been involved with ScubaTx for a number of years now and have witnessed the company’s journey to this ground-breaking development, which I believe has the potential to revolutionise how we maintain and transport organs for transplantation,” said Professor Derek Manas, an advisor to ScubaTx.
The £20m GMC Life Sciences Fund was launched in May last year. Manchester venture capital firm Praetura Ventures manages the fund on behalf of Greater Manchester Combined Authority, Cheshire & Warrington LEP and Bruntwood SciTech.