Pioneer Group today announces its participation in a £2m financing round in ImmuONE, today announced its participation in a £2m financing round in ImmuONE, a company developing a 3D human lung model that can assess the safety of new drugs without the use of animal testing.
Dr Abigail Martin and Professor Victoria Hutter, ImmuONE’s co-founders, have also secured backing from MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Ventures and part of the Midlands Engine Investment Fund (MEIF) and Mercia’s EIS funds. The funding will allow their company to move into new headquarters in Milton Keynes and new laboratories in Stevenage to meet growing demand.
3D Model avoids animal testing, allows for more accurate testing
ImmuONE is enabling companies developing new products such as drugs, chemicals or cosmetics to meet legal requirements by showing they are safe for consumption and wider use. Current safety assessments for products that might affect the lungs are typically based on animal testing, which is not always accurate at predicting the human impact. Alternatively, assessments use human cells taken by lung-scraping, an invasive process that only provides tissue from the upper lung.
ImmuONE grows human lower lung tissue and immune cells in a laboratory to create a 3D model. This approach not only enables companies to avoid the use of animals but also allows them to test the impact of their products on the small airways and inflammation in the lung, providing results that are more reliable and reproducible.
The model was developed by Dr Martin during her PhD research at the University of Hertfordshire. She joined forces with Prof Hutter, her supervisor, to set up the business in 2019. They now have around 20 customers globally including blue-chip chemical and consumer products companies. Since its launch two years ago, the biotech company has generated over £1m in revenue.
Dr Abigail Martin, ImmuONE CEO and co-founder: “Having worked on drug development projects that involve animal testing, I’ve seen the difference that new drugs can make to patients’ lives. However, I felt there had to be a better way and set out to look for an alternative. Our model not only enables companies to move away from animal testing but also improves safety for patients too. We look forward to working with many more clients and scaling the business with a view to global expansion in the future.”
Dr Imelda Juniarsih, Investment Associate Director at Pioneer Group: “We are proud to have invested in ImmuONE, a groundbreaking company which by replacing animal testing with a new model, it has the potential to revolutionise the field of drug development and meet new business demands. As champions of innovation in the biotech sector, we look forward to supporting ImmuOne in the next steps of its exciting journey.”
For more information about ImmuONE, please visit immuone.com.