Cardiff-based medtech business MeOmics Precision Medicine is expanding after a joint investment in a £300,000 round from Angels Invest Wales and Women Angels of Wales.
MeOmics Precision Medicine began in 2021 as a spin-out from Cardiff University, backed by an Innovate UK grant and support from partners St Andrew’s Healthcare. It uses stem cell-based techniques to identify patients’ biological types when conducting drug discovery testing for conditions such as schizophrenia.
The tests used by the business allow for more targeted drug development, minimising the risk of failure in the clinic or ineffective treatment selection for patients.
The business has received £125,000 in equity investment from Women Angels of Wales – led by data expert and lead investor Sara Boltman – plus £125,000 in match funding from the Wales Angel Co-Investment Fund and £50,000 from existing investors. It also follows a £25,000 grant from the Welsh Government, via Smart Flexible Innovation Support (SFIS)
The latest investment will allow MeOmics Precision Medicine to advance platform development and data generation, and hire new technical staff.
Lucy Sykes, CEO of MeOmics Precision Medicine, said: “The complexity of mental illnesses means it is difficult to develop new therapies that will work for everyone. Incorrectly applied treatment for mental illnesses can lead to debilitating side-effects for the individual patient, while also resulting in huge costs to the NHS.
“Our technology allows us to do in psychiatry what’s been done in oncology, and help drug developers to match their treatments not just across broad patient populations, but instead to targeted groups of patients depending on their underlying biology.”
She added: “This investment from Angels Invest Wales and Women Angels of Wales will help us optimise our platform for customers, expand our partnerships and grow our team, as we take the next step in our journey to commercialisation.”
Sara Boltman, Women Angels of Wales, said: “I’ve made a number of smaller investments in the past, but this is the first investment on which I’ve led. As someone with a background in data, I was interested in the work being done by Lucy and the team at MeOmics, and I was glad of the opportunity for us to support another female founder.”
Carol Hall, Co-Investment Network Manager at the Development Bank of Wales, said: “MeOmics Precision Medicine is an excellent example of the kind of businesses working in Wales’ medtech ecosystem. We were glad to back Women Angels of Wales’ investment in the business, and welcome Sara Boltman’s expertise as lead investor.”
