Innovations invests £750,000 to commercialise OSspray’s technology
London, March 2010. Imperial Innovations Group plc (AIM: IVO, ‘Innovations’), a leading technology commercialisation and investment company, has increased its stake in OSspray, an emerging speciality dental company active in the hygiene and minimally invasive sectors, by investing a further £750,000. This is part of a drawdown of a further £1.5m by OSspray under an existing funding arrangement.
Innovations was the lead investor in the round. Its co-investors included NESTA, ARC InterCapital and The Capital Fund, managed by Yorkshire Fund Managers. In addition Simon Cartmell, Chairman of OSspray and CEO of Apatech, recently sold to Baxter Healthcare, has invested in the round. Innovations which has invested a total of £2m now has a 37.7 percent share in OSspray on a fully diluted basis.
OSspray has developed a new dental technology application, which involves using bioactive glass as a desensitising and cleaning agent for air polishing teeth. This is a treatment in which the dentist or hygienist fires a fine abrasive powder, in this case OSspray’s new product Sylc™, at teeth using a high pressure air stream. This innovative new treatment cleans and polishes, desensitizes, and rebuilds tooth dentin and enamel in one treatment.
Susan Searle, Innovations Chief Executive, commented:
“OSspray is an excellent example of how we are able to support companies from inception, through the early stages of growth, to market entry and beyond. We look forward to its continued success, particularly as it progresses with its launch programme.”
Simon Cartmell, OSspray’s Chairman, also commented:
“We are delighted to complete this funding which reaffirms our investors’ continued confidence in the potential of OSspray. This funding will enable us to progress through the commercialization phase and bring the benefits of Sylc™ to patients around the world, and also to progress our exciting new product developments rapidly.”
OSspray has now launched Sylc™ in Europe and North America, having signed distribution arrangements for the UK, Germany and United States. A pipeline of other advanced applications using the bioactive glass technology is also under development.
