StimOxyGen and Dia Beta Labs, two life and health science spin-out companies from Ulster University, have each raised £1.5m of public and private funding to assist with their growth plans. These investment rounds have been directly supported and leveraged by Co-Fund III, one of three funds that make up Invest NI’s Access to Finance portfolio.
Dia Beta Labs is tackling the metabolic disease epidemic through development of disease-modifying peptides which provide higher quality, more sustainable weight loss than current options in obesity.
StimOxyGen is tackling the challenge of tumour hypoxia, where a lack of oxygen in solid tumours limits the effectiveness of standard cancer treatments such as radiotherapy.
Ryan Lafferty, Chief Executive of Dia Beta Labs Ltd said:
“This funding enables us to significantly progress our lead candidate towards first in human trials, realising the potential of this transformative technology. Our progress to date would not have been possible without the groundwork laid down by the Diabetes Research Group at Ulster University, which has been at the forefront of antidiabetic and antiobesity research for more than three decades.”
Sian Farrell, Chief Executive of StimOxyGen said:
“This investment will provide essential funding to progress our novel oxygen-generating nanoparticle (SGEN-33) towards first-in-human trials. Specifically, it enables completion of preclinical toxicology, manufacturing scale-up, and regulatory interactions in preparation for clinical evaluation. It also helps us to grow the team as we transition from a preclinical towards a clinical-stage company. This is a transformative step for our company and for patients with aggressive cancers such as pancreatic cancer, where treatment options remain limited.”
Professor Tim Brundle, Director of Research and Impact at Ulster University, said:
“At Ulster University, we are thrilled to see our innovative spin-out companies like StimOxyGen and Dia Beta Labs translating world-class research into real-world solutions. This significant investment highlights the vital role our spin-outs play in driving economic growth, advancing patient care, and addressing urgent health challenges. It also reflects our commitment to ensuring research excellence delivers lasting impact for communities locally and globally.”
The new round of Access to Finance funding, with a potential total investment of more than £250m, was launched by Economy Minister Dr Caoimhe Archibald in May.
Welcoming the investments, Dr Caoimhe Archibald said: “The Access to Finance funding is to assist our SMEs, start-ups and entrepreneurs and help address the private equity funding gap in the north. It is excellent to see that some of our innovative businesses are already benefitting from this fund, and in the area of Life and Health sciences, one of my Department’s priority sectors. By private and public sector working together, we are helping to enable businesses to not only contribute to our economic development, but importantly to advance medical breakthroughs.”
Steven Scullion, Director of Corporate Finance at Invest NI, said:
“Our Access to Finance portfolio provides an essential funding solution for start-ups and SMEs who may be constrained by lack of traditional finance, allowing them to scale to the next level. Our £39m investment into Co-Fund III, the third iteration of the fund, is expected to leverage over £60m from the private sector, opening up more than £100m for Northern Ireland SMEs. We encourage all SMEs with high export growth potential to consider equity investment to support their growth and take advantage of the opportunities and networks the fund provides.”
