Spin-out raises £7.5m to develop treatment for blocked arteries
IsomAb – a University of Nottingham spin-out pioneering a new treatment for diabetics at risk of amputation – has raised £7.5m (US$9.4m) in a funding round led by Broadview Ventures and backed by MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Ventures and part of the Midlands Engine Investment Fund (MEIF), Mercia’s EIS funds and existing investor SCVC.
The funding will enable IsomAb to carry out further studies in preparation for the start of clinical trials.
The company, which is based in Nottingham’s BioCity and employs six staff, focuses on the treatment of peripheral arterial disease (PAD), a relatively common condition where the arteries in the legs and feet become blocked by fatty deposits, resulting in lack of blood flow.
In many cases, the body successfully compensates by developing new blood vessels in a process known as angiogenesis. However, this process of compensation does not seem to occur in diabetics, and the lack of circulation often causes ulcers and irreversible tissue damage.
Research by IsomAb’s founders, Professor David Bates and Professor Steve Harper, suggests that this is because a protein called VEGF-A165b blocks the angiogenesis process in diabetics. The IsomAb team have developed an antibody that inhibits the effects of the protein and allows new blood vessels to be created.
Founded in 2022, IsomAb is the second spin-out by the pair. Their previous venture, Exonate Ltd, focuses on the treatment of diabetic macular oedema and has successfully completed its first clinical trial.
Jackie Turnbull, CEO of IsomAb, said: “IsomAb’s lead program, targeting VEGF-A165b aims to treat peripheral arterial disease in the large proportion of patients with concomitant metabolic syndrome and Type II diabetes. We are delighted to have attracted a group of high-quality investors to support the early development of our novel program toward CTA filing to enter the clinic.”
Benjamin Kreitman, Principal at Broadview Ventures, said: “Peripheral artery disease remains a significant unmet medical need worldwide, and the development of novel treatments to alleviate ischemia could improve clinical care for millions of patients. As Broadview’s investment strategy is focused on the improvement of human health in the areas of cardiovascular disease and stroke, we are delighted to accelerate this highly innovative approach.”
SCVC Managing Partner, Harry Destecroix, said: “We have been an investor in IsomAb since its incorporation and are really happy to be a continuing backer of this high quality company.”
Hannah Tapsell Chapman of Mercia Ventures added: “IsomAb offers a fresh approach to the treatment of vascular disease. Although the initial focus will be on treating diabetics, research shows high levels of VEGF-A165b are also linked to increased risk of heart attack and stroke in non-diabetics, so it could have much wider applications. The funding will enable the team to progress the development of the lead compound towards human clinical trials.”
Administrators hopeful of a sale of Surepak Limited after overwhelming interest received
Administrators from PKF Smith Cooper are hopeful that a sale of flexible packaging manufacturer, Surepak Limited, can be achieved, after receiving overwhelming interest in the business, which fell into administration last week.
Founded in 1991, the company has been trading for over 32 years, starting out as a distributor before moving into manufacturing in 1995. Stuart Yorston, director of Surepak Limited, decided to file for administration on 9 February to safeguard the company’s business, assets, and employees from a creditor’s winding up petition. Dean Nelson of PKF Smith Cooper was appointed, joint administrator on 12 February, and has subsequently received considerable interest in the business as a going concern, and a sale is expected to process quickly, with a deadline for receipt of offers set for 28 February. Dean Nelson, joint administrator and head of Business Recovery and Insolvency at PKF Smith Cooper, said: “Since my appointment last week, we have had a great response from interested parties. Over the next few weeks, we will continue to work hard to assess this interest and I am very optimistic that we will secure a future for Surepak Limited and its employees. “I am very grateful to the company’s loyal customers, suppliers and employees for their commitment at this difficult time, and expect the sales process to gather pace rapidly, so I actively encourage any potential buyers to come forward as soon as possible, to express their interest in the business and its assets.”Further £2.5m promises to create more skilled workers for vital sectors
A further £2.5m from the second phase of the Higher Technical Education Skills Injection fund promises to help the Lincolnshire Institute of Technology support learners across Lincolnshire to achieve highly-valued qualifications within priority sectors, such as engineering, construction, manufacturing, health, science, agriculture and environmental technologies.
Partners that are set to benefit from the funding include Boston College, Grantham College & University Centre, Lincoln College, Riseholme College, University Campus North Lincolnshire, and University Centre Grimsby.
£1.5m of capital investment will go towards state-of-the-art equipment, which will ensure that students and employers have access to the latest technologies.
The remaining £1m of resource funding will be invested in ensuring that LIoT partners can meet future employer and student expectations, including upskilling delivery staff in upcoming industry techniques.
Mick Lochran, Director at Lincolnshire Institute of Technology, said: ”This additional funding couldn’t be more valuable to us. If Greater Lincolnshire is to tackle the county’s long-term productivity gap and train the highly skilled professionals modern industry needs, education providers must be able to invest in the latest technologies.
“That being said, our work can only continue to succeed if more employers are investing in their workforce to build the higher level skills of the future. We’d urge all firms within these industries to upskill and develop their employees.
“I’m very excited to see what the next few years hold for all of the partners of Lincolnshire Institute of Technology – it’s fantastic to be a driving force in upskilling our area.”
Leicester round table explores public-private collaboration for affordable housing
Forty key figures from the property and construction sector recently convened at an Invest in Leicester round table, hosted by Leicester City Council. The event focused on collaborative efforts to address the city’s growing need for affordable housing.
Chris Burgin, Director of Housing at Leicester City Council, outlined the significant challenge: to deliver the volume of affordable homes required annually to meet the needs of the community, encouraging a united approach between the public and private sectors.
The round table session served as a platform for open discussion and exploration of collaboration opportunities. Property executives from Leicester and Leicestershire delved into potential strategies including joint venture models, innovative construction methods and best practice examples of utilising public sector assets.
Chairing the meeting was Richard Sword, Strategic Director of Leicester City Council, who said: “Delivering affordable housing for our residents is a top priority for the council, the significant interest and attendance at this round table demonstrates the strong appetite within the industry to collaborate and tackle this challenge together. By working hand-in-hand, we can create housing solutions that are sustainable, accessible, and enrich the lives of our residents.”
The roundtable focused on several housing challenges faced by the City Council, which declared a housing crisis in 2022, calling for urgent action from the central government to ease pressure caused by the growing demand for affordable housing.
Leicester’s Deputy City Mayor for Housing, Cllr Elly Cutkelvin, said: “We have an ambitious plan to deliver housing for the residents of Leicester, however, we know that we cannot deliver this alone, and we need to work with the private sector in order to respond to the housing challenges in the city.
“We are excited about the opportunity to collaborate with our private sector partners in this endeavour to accelerate the delivery of housing for our residents. The discussions during the recent roundtable have highlighted the enthusiasm of our partners to join forces with us in championing our vision. Together, we are committed to ensuring that our residents gain access to affordable and quality homes.”
Rob McGuinn, Vice Chairperson at the property professional services firm MDA Consulting, said: “The collaborative spirit at this round table was inspiring. Collaborating with the council, we can build a mutually beneficial relationship that delivers a future where everyone has access to secure and affordable housing.”
New trustee for Derbyshire counselling service
Mental health charity Derwent Rural Counselling Service (DRCS) has strengthened its board of trustees.Privacy, data protection and operational risk professional Matthew Varnham joins the eight-strong board at the countywide counselling service.DRCS operates as a partner of Talking Mental Health Derbyshire (TMHD), who are a provider of the NHS Talking Therapies for Anxiety and Depression programme for Derbyshire Health Care Foundation Trust. Matthew, who has worked at well-known financial institutions, said: “This type of service is so important for the communities it serves. I am enthusiastic and keen to support the work DRCS already does to break down barriers and help ensure services are available to those who need them.“My current professional role has a heavy focus on emerging technologies – such as generative AI and policy, and I am keen to contribute where I can across the organisation on compliance with governance documents and the law, confirming accountability and acting with reasonable care.”Mark Serby, chair of trustees for the charity, said: “I am delighted to welcome Matthew onto the DRCS board. Matthew brings some added dimensions to the team at a time when privacy, data protection and operational risk are key to organisations.”
East Midlands start-up boost comes with warning of ‘perfect storm’
New research from the Midlands branch of R3, the UK’s insolvency and restructuring body, indicates that a ‘perfect economic storm’ could be brewing in the region as the number of East Midlands start-ups hiked sharply last month, along with a significant rise in cashflow ‘red flags’.
Based on an analysis of data from business intelligence provider Creditsafe, the R3 Midlands figures show that start-ups rose steeply by 49.3% in the East Midlands in January, from 2,006 in December to 2,995. Year-on-year, the January figure highlights a rise of 21.75% compared to January 2023, when start-ups numbered 2,460.
Crucially, the R3 analysis also shows that levels of debts owed by East Midlands businesses in liquidation in the region more than tripled (246.43%) last month and rose by over one fifth (37.59%) in comparison with January of last year. In addition, the number of local companies with late payments on their books has begun to rise for the first time in recent months.
R3 Midlands Chair Stephen Rome, a partner at the local office of law firm Penningtons Manches Cooper, said: “Significant increases in the number of local businesses, along with substantial rises in late payments and monies owed by firms in liquidation could create a perfect economic storm if the region’s new entrepreneurs fail to cushion cashflow and keep the sharpest eye on costs.
“We are facing extremely challenging times in our local economy, with very tricky trading conditions across all sectors, but they can be navigable if entrepreneurs are duly cautious and don’t back away from taking professional advice when needed.
“Patience may also be a virtue as new economic forecasts see a fall in inflation this spring, enabling the Bank of England to cut interest rates towards the middle of the year. If this happens, it will give companies far more stability and certainty to plan ahead and invest in their operations.
“In the meantime, should significant cash flow difficulties arise, it’s crucial for business owners to take professional advice as soon as possible. There is a significant amount which can be done to rescue and support local companies if help is taken early enough.”
Planning permission approved for Boughton Community Hub
A new Community Hub, which will provide a space for skills development, social activities, and support for local residents in Boughton, has been given the green light by Newark and Sherwood District Council’s planning committee.
Located on Manvers View, a council house will be transformed into a Community Hub for residents and tenants, providing a base for them to work with the Council and in partnership with the Police and health and community-based services to tackle local issues.
It will also be used as a space for local groups and clubs to meet and provide both vocational and academic courses for residents, using a series of iPad and desktop facilities linked to the local Further Education College.
Work on the Hub is being partly funded through the District Council’s allocation of the UK Shared Prosperity Fund. The Hub will open to the community in the spring.
Councillor Lee Brazier, Portfolio Holder for Housing at Newark and Sherwood District Council, said: “I am really pleased planning permission has been granted to start work on this exciting project. We have a Community Hub in Chatham Court in Newark which has been a real asset to the local community, and I’m excited we can bring this to Boughton.
“Tenants’ and residents’ views will be at the heart of this project, and we are committed to making sure the Hub is a community space that reflects the wants of local people and is something they will use. It’ll be a space for social gatherings but also a place where residents can gain new skills, tackle local issues together and receive support.
“Of the 139 properties our team spoke with, 110 said the Hub will benefit them and the local community. Additionally, several residents expressed their desire to be volunteers here, so it’s great to see the community excited about this project. I look forward to seeing the Community Hub when works are complete.”
trentbarton colleagues raise £6,000 for Alzheimer’s Research
trentbarton bus drivers and colleagues have donated £6,000 to Alzheimer’s Research UK after fundraising for their charity of the year for both 2022 and 2023.
Alzheimer’s Research UK is the UK’s leading dementia research charity, dedicated to causes, diagnosis, prevention, treatment and cure.
trentbarton staff devoted two years on a wide variety of fundraising events and initiatives, including its Namesake programme where people can donate to have a bus named after a loved one.
Events run by staff, including the teams’ charity champions who organise fundraising, included a football match, golf day, Easter and Christmas raffles, and bake sales.
Alzheimer’s Research UK was chosen to be the firm’s charity partner after a poll of trentbarton staff between a shortlist of good causes drawn from nominations by colleagues and customers.
Alzheimer’s Research UK Regional Fundraising Officer Zoe Dean said: “We’re so grateful to trentbarton for supporting Alzheimer’s Research UK as their charity partner.
“Fantastic fundraising efforts like this from both staff and customers will help us get closer to a cure for people with dementia and their loved ones.”
trentbarton’s Marketing and Communications Manager Scarlet McCourt said: “Our colleagues at the depots and head office have enjoyed raising money for such a good cause.
“Practically everyone’s family is touched by Alzheimer’s and dementia in some way, so we are all very pleased that we have been able to support this important charity.”
Students tackle challenges faced by employers in Mansfield and Ashfield
Students from Nottingham Trent University’s (NTU) Mansfield Hub have teamed up with employers from the Mansfield and Ashfield area to help them solve some key local challenges.
The NTU Mansfield Challenge event featured local employers such as Ashfield District Council and Inspire College. These organisations provided different teams of students with a brief to work on and asked them to present their findings back to the employer a week later.
Ashfield District Council (ADC) tasked students with providing recommendations on how the council and its partners can reduce homelessness and crimes committed by those experiencing it.
The student team researched the different demographics and dynamics of the homeless community in Ashfield and made suggestions around how the council can make its support to the homeless population more visible and accessible.
Ross Twinn, Graduate Management Trainee at Ashfield District Council, said: “Our student team presented really well on how we can better address the instability experienced within homelessness and the higher prevalence of crime as a result. This is something that Ashfield needs to tackle and it’s been fantastic having a group of talented and engaged students to help us with this challenge.
“One of the reasons we wanted to participate in the Mansfield Challenge was to start to create pathways between local talent and coming to work with Ashfield District Council.”
Inspire College also took part in the NTU Mansfield Challenge to give students the chance to look into the different barriers that young people might face that could prevent them applying to the college. Inspire College was created to work with students who are currently not in education, employment or training and aims to make education accessible to all.
Simon Cook, Manager at Inspire College, said: “Participating in the NTU Mansfield Challenge gave us the opportunity to get unique and important perspectives from young people. Young people’s voices are so important to help us understand we are giving them what they need, so to get this insight on the barriers they may face accessing education has been invaluable for us.”
10 employers and more than 50 students took part in the NTU Mansfield Challenge, which will run again in 2025.
Graham Whyborn, Work-like Experience Projects Coordinator at NTU, said: “The NTU Mansfield Challenge is an event that really showcases the collaborative nature of the NTU Mansfield Hub and the great links with industry and local employers that we have. The feedback we have received from the employers that took part has been excellent and they have found it very useful to have access to a pool of our talented students.”
Leicestershire universities partnership brings economic benefits in first year
A partnership of universities in Leicester and Loughborough has, within its first year, brought benefits to local businesses, schoolchildren and international visitors across the region.
It has been just over 12 months since the University of Leicester, De Montfort University and Loughborough University joined forces with the five local authorities in the county through a civic agreement to form the Universities Partnership (UP).
Centred around five themes: Arts, Culture and Heritage; Environmental Sustainability; Health, Wellbeing and Sport; The Economy and Education – the partnership aims to positively impact the region by bringing experts together to work on shared goals.
This milestone collaboration, spearheaded by the universities’ three Vice-Chancellors is already benefitting local people and the local economy through a number of initiatives.
The three universities have harnessed their collective purchasing power and achieved cost savings by working together to implement the Social Value Portal (SVP).
The SVP is an online tool that helps organisations look beyond the financial cost of a contract and consider how the services they buy can improve the economic, social, and environmental wellbeing of the area.
The universities are also working towards aligning procurement processes to benefit local SMEs interested in supplying to them.
The UP also delivered one of five East Midlands Race to Zero Accelerator Programmes. The programme which is designed to support local small and medium-sized enterprises to create carbon reduction plans generated a wealth of knowledge for local organisations, as well as a number of resources, including reporting guides, training materials and templates.
These materials have now been made available online as part of the UP’s ongoing commitment to support local organisations to reduce their environmental impact.
One of the highlights from the year was the UP international event that took place in October. International partners from across the world gathered in Leicester to hear first-hand from regional leaders and civic dignitaries about why the county is one of the most attractive destinations for international students in the country.
The week-long programme of activity showcased what Leicestershire has to offer international students and demonstrated a unified welcoming voice from the area.
Another significant project from the partnership is the Graduate City project which focuses on retaining graduates in the region in order to support economic growth and increase productivity.
The careers teams from each university have been working closely with the local authority partners to enable local small and medium-sized businesses and voluntary sector organisations to benefit from funded student and graduate placements.
This project will continue in 2024 and will grow to connect more businesses in Leicestershire with university talent.
Creating educational skills and opportunities that enable local people from all backgrounds to flourish is the main objective of the Education theme and the Pathways team have made great strides on this front this year.
The Pathways team, which is a collaboration between the three Universities and two Further Education Colleges (Leicester and Loughborough) have been busy working with schools and their pupils across Leicestershire to provide help and resources for students, teachers, parents and carers to find out more about higher education and future careers.
Over the last year they have worked with thousands of pupils in schools across the area to offer them a taste of what university is like and help them develop the skills they need to reach their potential and progress to higher education.
Professor Nishan Canagarajah, President and Vice Chancellor of the University of Leicester, said: “The power of partnership working must never be underestimated. By combining our diverse expertise we are able to tackle the challenges we face together, and to provide an even greater positive impact on our region. The partnership has achieved a great deal in its first year and I am excited to see it develop further in the year ahead.”
Professor Katie Normington, Vice-Chancellor of DMU, said: “As a partnership, we can use each university’s respective strengths and present very compelling funding bids. This has already allowed us to start some ambitious work to support the local economy, create better opportunities for education and employment and it will be exciting to see this work grow.”
Professor Nick Jennings, Vice-Chancellor of Loughborough University, said: “The UP is already demonstrating what can be achieved when organisations from the region work together, sharing their strengths to have a much greater impact on their communities. I look forward to seeing the partnership continuing to expand and flourish.”
The partnership’s priorities for the year ahead will be the development of new projects that respond to the feedback from stakeholders on local needs.
