€ 1.5 million extra for infection control scale-up LipoCoat
LipoCoat, a biotech spin-off from the renowned nanotechnology institute MESA+ of the University of Twente, the Netherlands, has received additional funding of 1.5 million euros from several investors. The funding is provided by Dutch informal investors, the High Tech Fund from Enschede and Innovation Fund Rabobank. The additional funding will enable LipoCoat to bring its innovations in infection control to market faster, in order to better address the current concerns surrounding the Covid-19 pandemic.
Improvement in medical device safety
LipoCoat specializes in developing infection control solutions for the healthcare industry, in particular for medical devices. The company is currently running seven research projects, partnering with multinationals that want to increase the safety of their medical devices. LipoCoat’s unique bio-inspired and non-toxic coatings prevent adhesion of bacteria and viruses, thus reducing infection risks.
The investment funds will be used to bring innovations in infection control to market faster. The High Tech Fund has committed 600.000 euros for equipment and supplies in LipoCoat’s new lab facility. LipoCoat was established in 2016 as a spin-off from the University of Twente. Late April 2020, LipoCoat will open its own dedicated lab facility at Kennispark Twente, the innovation campus of the University of Twente.
Contact lenses as the first application
Launching innovations for medical devices and the healthcare industry is time-consuming. “That is why LipoCoat focuses on product-market combinations with a fast rollout, such as the contact lens market,” said Jasper van Weerd, Founder and CEO of LipoCoat. The first contact lenses with the LipoCoat coating are in the medical approval process, with the product expected to be launched in Fall 2020. In a few years’ time, LipoCoat expects the first coated catheters to enter the market. Catheter infections worldwide cause significant suffering and patient discomfort. In addition, such infections increase healthcare costs by billions of euros annually worldwide.
LipoCoat is also developing a coating that can be used for the screening and testing of new medicines that involve cell culture systems. These systems are usually sensitive to pollution. When cell culture systems are contaminated, the testing of new medicines becomes unreliable. The LipoCoat coating increases the efficiency of drug screening and testing, resulting in cost reduction and better results. The solution will become available as a kit and is expected to enter market in the summer of 2020.
Improving the quality and safety of healthcare
LipoCoat’s mission is to improve the quality and safety of healthcare, the importance of which is increasingly acknowledged in these times of coronavirus. In 2020, the first products will enter market. At the same time, the LipoCoat team will continue innovating within the catheter domain. To make the leap to further growth, a Series B funding round of € 5 million is planned for mid-2021. With this investment round, the company wants to build its revenue streams, increase its development and production capacity, and expand its international footprint by gaining access to US and Asian markets.
Source: Lipocoat (press release)