Sheffield Healthech, Kirkstall, attracts investment

22 February 2010

A Sheffield biotech is the latest company to secure investment following its involvement in the Access to Finance for Healthcare Technologies programme.

 

Two business angels from outside the region have joined forces with existing angel investors in a deal worth over £100,000 for Kirkstall Ltd, a biotech company developing innovative testing technologies at its Sheffield BioIncubator headquarters. In addition, the Viking Loan Fund has provided Kirkstall with £70,000 of working capital to support the company’s growth.

 

The company has developed toxicity screening products to be used by the chemical, pharmaceutical and cosmetics industries to reduce the need for animal testing. The tests are based on human cells, reducing the risk of problems in human trials. The technology is the result of seven years research and development at the University of Pisa.

 

Dr Malcolm Wilkinson, managing director of Kirkstall, took part in Yorkshire Forward’s Access to Finance for Healthcare Technologies programme, managed by Grant Thornton, to help him shape the business plan and investor presentations.

 

Dr Wilkinson said: “The support provided by our mentors was very beneficial and helped us to hone our investor proposition. This helped us get the attention and secure the services of a first-rate non-executive chairman with impressive industry experience.”

 

Existing investors from the Viking Club and the Yorkshire Association of Business Angels have collaborated on this deal, demonstrating their confidence in the company and its people.

 

Andrew Burton, chairman of the Yorkshire Association of Business Angels, said: “There are major changes being proposed to the way we test compounds before they are used in, or on humans and Kirkstall is at the forefront of this work. The investment will enable the company to expand into this rapidly growing area.”

 

Kirkstall has just won its first significant three year contract on toxicity testing, helping the company meet its revenue targets for this financial year.

 

To find out more about Kirkstall, please visit www.kirkstall.org