Southampton Science Park biosciences company Renovos has been named as the first to receive investment from the newly launched Ronald Furlong Fund, set up by charity Orthopaedic Research UK (ORUK).
The £140,000 investment will support the company as it seeks to solve unmet needs for patients with painful and debilitating bone and joint conditions. The announcement of this inaugural award comes after a meticulous national search during which start-ups were put through their paces by leading healthtech experts, HS. The final decision was taken by ORUK scientific and investment committees.
Renovos is a pioneer of new nanoclay gel technology which has the potential to transform orthopaedic surgery. The technology allows a 100x lower dose of regenerative therapeutic agent to be precisely delivered and localised to the sites where needed, fundamentally changing the way extremely powerful and sometimes harmful drugs are given around bone. The approach is being regarded as a step-change improvement in safety, efficacy and ease of use, as well as delivering reduced adverse events and complications compared with current orthopaedic interventions for both the ageing population and younger, active individuals.
Professor Richard OC Oreffo, Founder and CSO of Renovos said: “We are delighted to receive support from ORUK, which will aid the development of our next generation orthopaedic regenerative medicine solutions, harnessing nanoclay gels to deliver bone forming agents safely and cost effectively. The recognition arising from being the first ever start-up to be supported by ORUK will help enormously with our Series A funding round.”
Dr Arash Angadji, CEO of ORUK said: “We are the first charity supporting start-ups with a focus on musculoskeletal health in the UK. The Ronald Furlong Fund initiative will play an important role in assisting entrepreneurs and innovators to quickly turn ideas into reality, with measurable benefits for the entire healthcare ecosystem. I am delighted to welcome Renovos as ORUK’s first investment.”
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