North West Fund for Biomedical backs TTS Pharma

The company intends to use the funding to secure regulatory approval for its lead product and commercialise it in the UK, Europe and other markets.

The investment was part of a larger round of funding, including an additional £260,000 in capital equipment and £130,000 from angel investors and management.

The North West Fund for Biomedical is managed by Spark Impact and is a sub-fund of the £155m evergreen North West Fund that is jointly financed by the European Regional Development Fund and the European Investment Bank.

Company
TTS has developed a companion diagnostic blood test and personalised nicotine patch that determines the optimal dosage of nicotine to help patients quit smoking. The company will be relocating from Bristol to Liverpool Science Park early next year.

The company was formed in 2012 to acquire Transdermal Technology & Systems, as part of a strategic investment and corporate restructuring to prepare the company for growth and to enable the group to undertake activities in Europe and Asia.

People
Mark Tucker is CEO of TTS. Senior investment director Penny Attridge represented Spark Impact on the deal.

Advisers
Equity – Venture Capital Partners, Henry Talbot-Ponsonby (Corporate finance); Ward Hadaway, Melanie Yeomans (Legal).
Company – Osborne Clarke (Legal).

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• UK / Ireland
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