University of Warwick Spin-Out, CryoLogyx, partners with investors
· CryoLogyx, a new University of Warwick spin-out, has today announced the closing of its first investment round
· CryoLogyx uses research emerging from Professor Gibson’s laboratories to transform how cells, and cell-based therapies are stored and transported
· CryoLogyx technology uses macromolecular cryoprotectants (polymers) which protect precious biological materials during freezing
The University of Warwick spin-out company, CryoLogyx, has received a further investment from Oxford Technology Management and private investors, alongside £300k from InnovateUK.
CryoLogyx will build on research emerging from Professor Matthew Gibson’s laboratories, based in both the Department of Chemistry and Warwick Medical School at the University of Warwick and is led by CEO Dr Tom Congdon, a Warwick alumnus.
In order to store and transport cells for research, or as advanced medicines, it is essential to freeze them as they are not stable at room temperature for long periods. The traditional solution to this was to add organic solvent ‘antifreezes’, similar to what you might use in your car. Professor Gibson’s lab has learned from how organisms survive in the Earth’s coldest environments, and developed new macromolecular cryoprotectants which allow more cells to survive the freezing process and to replace the organic solvents currently used.
CryoLogyx will use this platform technology to transform emerging, advanced, cell-based therapies, simplify the medicines development process, and aid supply chains.
Dr Thomas Congdon, Co-founder and Chief Executive Officer of CryoLogyx said:
“This investment represents a major milestone in our journey to bring our innovative cryopreservation technology to market. We believe our proprietary cryoprotectant not only offers substantial improvements over the current approaches, but also enables the storage and transport of new frozen cell products and technologies. We are delighted to have received investment from the OTM Start-up fund and our private investor partners at this early stage, as it will help us grow rapidly to become a provider of frozen cell-based technologies.”
Professor Matthew Gibson, Professor at the University of Warwick, and Co-founder and Chief Scientific Officer of CryoLogyx commented:
“Cryologyx is uniquely positioned, thanks to our cryoprotectant technology, to enter and disrupt the cryopreservation market and help enable new cell-based therapies and cell screening technologies.
"The support and enthusiasm of our new investment partners will help us grow and we all see a bright future for Cryologyx.”
The team recently completed an intensive market research and customer discovery project under the Midlands ICURe programme, which highlighted a number of high value unmet needs which the technology is ideally positioned to address.
Dr James Lapworth, Warwick Innovations, who is working with Dr Congdon and Professor Gibson to commercialise the technology, said:
“The rapid closing of this seed investment round represents a strong vote of confidence in the CryoLogyx team and recognises the potential for Warwick’s new cryopreservation technology to have a significant impact on the medicines discovery and cell therapy markets.”
Andrea Mica Oxford Technology Management, said:
At OTM we invest in start-up companies with science that can transform industries, health outcomes and wealth generation. You can be sure that when an opportunity like CryoLogyx comes along we’ll move quickly. We want to get CryoLogyx to success as soon as possible.
Daniel Hatfield, a private investor and entrepreneur working with innovative startups at the intersection of science, technology and sustainability said:
“It’s great to see CryoLogyx bring this disruptive cryopreservation technology and expertise to market, opening up an exciting range of new opportunities across the Life Sciences industry.”
The research and development of this has been supported by the European Research Council (638661 and 789182), the Royal Society (191037) and MRC (MC_PC_17203).
ENDS
18 MARCH 2021
NOTES TO EDITORS
High-res images available:
Caption: The CryoLogyx logo
Credit: CryoLogyx
https://warwick.ac.uk/services/communications/medialibrary/images/march_2021/gibson_cryologyx_tom.jpg
Caption: CryoLogyx CEO, Dr Tom Congdon
Credit: CryoLogyx, Simon Derviller
For further information please contact:
Alice Scott
Media Relations Manager – Science
University of Warwick
Tel: +44 (0) 7920 531 221
E-mail: alice.j.scott@warwick.ac.uk
For further information please contact:
Alice Scott
Media Relations Manager – Science
University of Warwick
Tel: +44 (0) 7920 531 221
E-mail: alice.j.scott@warwick.ac.uk