The Development Bank of Wales has invested £2.4m of equity into ten of Wales’ most promising tech-focused start-ups over a ten week period since the pandemic lockdown.
With a specialist team and funding to support technology businesses, the Development Bank of Wales is one of the top five technology investors in the UK according to the Beauhurst Report.
The deals:
Reacta Biotech, £625,000
Based in Flintshire Reacta Biotech has completed its largest funding round to date, which has raised £1.25m of equity finance including £625,000 from the Development Bank of Wales.
As cases of food allergy and allergy related hospitalisations continue to rise, Reacta’s core focus is to improve the diagnosis and management of allergies.
This is through the provision of a pharmaceutical grade Oral Food Challenge (OFC), the gold standard for the clinical testing of food allergy.
The investment has been drawn down from existing investors, management, Moulton Goodies, Development Bank of Wales and Acceleris Capital.
The capital raised will help Reacta Biotech to achieve the regulatory approval for its manufacturing facility in Deeside.
Professor Ashley Woodcock, chairman of Reacta Biotech said: “This investment is a significant step in the development of Reacta Biotech’s business.
“A combination of seeking our own MHRA (Medicines and Healthcare products Regulatory Agency) approval and the recent FDA (Food and Drug Administration) approval of the first specific food allergy therapy set to launch in the US soon, creates ideal timing for Reacta to become the only standardised and trusted OFC for all food allergy therapeutics.”
For further information please visit www.reactahealthcare.com
ENDS
US Patent No 11,389,548; Oral Food Challenge Meal Formulations; was granted to Reacta on 19.07.2022.