Investment in smart materials

Imperial Innovations and Longbow Capital have led a £1.12m funding round for London-based developer of smart materials, Bioceramic Therapeutics.

Imperial Innovations has made an overall investment of £300,000 and new investor, Longbow Capital, has invested £400,000. Other investors include existing shareholders Comvest and the Esmee Fairbairn Foundation.

The funding round follows an earlier investment of £1.04m in 2007, in which Imperial Innovations raised £769,000, gaining an equity share in Bioceramic Therapeutics of 36.7 per cent.

Bioceramic Therapeutics was spun out of Imperial Innovations in 2006 and is developing bioactive materials for regenerative orthopedic and dental applications. Its first products are expected to be available in 2010 and will include bone-graft substitutes to help treat bone diseases and difficult fractures.

Susan Searle, chief executive of Imperial Innovations, said: ‘Bioceramic Therapeutics has made considerable progress over the last two years and, with its first products set to be launched in 2010, now is the right time for further investment to support its development and growth.’