Womble Bond Dickinson's (WBD) Newcastle-based corporate team has secured a £3.5 million investment for Nonlinear Technologies Ltd, parent company of Biosignatures Ltd from Accelerated Digital Ventures (ADV) (a partner of the British Business Bank's Enterprise Capital Funds, programme).
Biosignatures develops non-invasive diagnostic and prognostic tests for multiple diseases. The company is developing a portfolio of products, backed by a growing body of evidence in blind tests, with the aim of providing significant improvements to current clinical best-practice.
The investment from ADV will enable Biosignatures to attack an even more ambitious goal - diagnosing many serious diseases like cancer before they are detectable either by the individual themselves or by currently available technologies. When Biosignatures delivers on this goal, it will be transformative for the NHS as well as for patient care, as many such diseases are far more treatable if caught at an early stage.
"We are very pleased that we were able work with the Biosignatures team on the next stage of their growth cycle. The funding will improve the Company's facilities and it's great to be part of this positive progress. This is the latest example of a growing trend of inward investment into the North East, an area that continues to have a thriving deals market and remains a great place to do business."
Will Dracup, CEO of Nonlinear Technologies, adds:
"WBD provided a fantastic, proactive, service to help us secure the funding required to keep our business moving onwards and upwards. This latest fundraise will help us to continue to prevent disease through accurate, patient friendly and non-invasive disease diagnosis and wouldn't have been possible without WBD's transaction management and strategic advice."
In the past year WBD's corporate team has advised on numerous deals across the region, worth in excess of £1bn. Last autumn, WBD also won two awards for Private Equity/Venture Capital Deal of the Year and Deal of the Year (above £10m) at the North East Insider Dealmakers Awards.