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View AllBioSystems Technology: Developing research models as an ethical alternative to animal testing
Biosystems Technology Limited is a spin-out company from the University of Exeter that provides low cost and high-output ethical solutions for researchers who require alternatives to animal testing. Their business concept builds on laboratory work that has developed TruLarvTM – a standardised and decontaminated insect larvae that provides a highly effective research model for scientific applications, including drug discovery and toxicity testing.
FACT FILE
Start date: 2015
Website: Visit website
Location: Exeter
Employees: 5
SETsquared Programme: Innovation to Commercial Realisation (ICURe)
Investment raised: Innovate UK Grant £500k; Private funding £310k
KEY MILESTONES
January 2015
Started on ICURe programme
January 2015
Open Innovation Funding of £15k from the University of Exeter to develop IP
June 2015
Trademarked product
July 2015
Limited company
August 2015
Patent/IP filed
November 2015
Open Innovation Funding of £15k from the University of Exeter to beta-test product
April 2016
£200k private investment
Aprill 2016
Sales of first product, TruLarv™
November 2016
Won 2 x NC3R industry partnership grants
May 2017
First research publication using TruLarv™ published
July 17
£100k Innovate UK grant
June 18
£100k Innovate UK grant
“We realised that we had laboratory research that had the potential to fill a gap in the market, if we could get the building blocks in place and turn it into a business. The ICURe programme was instrumental in creating the focus that we needed to investigate filling that gap in the market.”
“The ICURe programme was definitely key to establishing Biosystems Technology. It fast-tracked the commercial translation of our academic research into a viable business proposition. I learnt a huge amount of commercial knowledge and expertise in a short period of time. The ICURe financial investment and mentoring enabled us to conduct in-depth primary market validation that resulted in some very important industry connections.”
“The £200k of private funding in April 2016 came about after I pitched to investors at the SETsquared Investment Showcase 2015. Following my presentation, several investors signed an NDA to discuss the business idea further – and we gained full funding from one shortly after.”
“At the end of our first financial year, sales of TruLarv™ had exceeded the forecasts of our business plan, which is fantastic. Via a scheme called Crack IT, run by NC3Rs – National Centre for the Replacement, Refinement and Reduction of Animals in Research, we’ve worked with two industry partners Demuris and Envigo, with some very positive results. We have won a £100k Innovate UK grant to help support more genome sequencing of TruLarvTM and enable us to develop genetic tools to open a wider market and make our offering more relevant to the research community.”
“In June 2018 we won another £100k Innovate UK grant to continue our R&D programme, which will commence in September 2018. Meanwhile we’re continuing to sell to an increasing number of customers worldwide – we now export to 11 countries and these exports make up 45% of our total sales. Our revenues have doubled between January 2017 and January 2018 as a result. As well as financial success, we have also started running training courses on the research model. We run the courses from Exeter for European scientists who are keen to implement the model but need help to understand how to use it. Being able to show the benefits of this technology first-hand has been fantastic.”
Dr Olivia Champion, Founder and CEO
BioSystems Technology Ltd
