Altrika Limited, the wholly owned subsidiary of Ilika plc, the Aim listed cleantech materials discovery company has been awarded £100,000 in funding by the Technology Strategy Board as part of a government initiative to kick-start the development of new technology.
Altrika won the healthcare category of the competition for Disruptive Solutions, for its development work on a spray formulation of its Cryoskin® donor skin cell product, available at point of care, to treat paediatric burns and scalds, which could reduce time to healing and length of hospital stay while also reducing the need for costly secondary interventions arising from ongoing burn scar problems.
Altrika was one of 12 British companies and one of four healthcare companies selected to make a live pitch at Innovate10 for a share of £600,000 of government funding.
The 12 finalists were selected from around 550 businesses who submitted two-minute video pitches to the novel funding competition, managed by the government-backed Technology Strategy Board.
Commenting on the win, Graeme Purdy, CEO of Ilika, said:
“We are delighted to have won our category and have been awarded this funding which will enable us to further develop our offering to the burns market. This funding will allow us to accelerate the development of Cryoskin® spray and bring the benefits of cell therapy to a much wider group of burn and scald victims, the vast majority of whom are children.
"The ready availability of such a therapy will reduce the pain and disfigurement currently associated with these injuries, dramatically improving the quality of life of the victims, whilst also saving the NHS a lot of money.”
For further details, please contact:
Tel. +44 (0) 23 8011 1400
Graeme Purdy, Chief Executive
Steve Boydell, Finance Director