Reacta Biotech, a Deeside, North Wales-based biotechnology company that is active in the food allergy testing sector, has reportedly raised more than £2.9 million in a new funding round to expand its existing line of food allergy clinical testing kits.
According to reports, along with follow-on equity from the Development Bank of Wales, Praetura Ventures led this latest fundraising round. Furthermore, Jon Moulton's family office, Perscitus, and Reacta's management team are among the other investors.
Reacta will utilize the newly raised funds to expand its product range and enhance the production of its existing array of clinical diagnostic testing kits for food-based allergies, which includes egg, peanut, and milk oral food challenges (OFCs).
CEO of Reacta, Paul Abrahams, stated that Reacta has had a historic year, and it is continuing to grow as a company, producing new diagnostic tools and broadening its capabilities.
Abrahams added, because the number of people with food allergies is rising, it is critical to create a technology that can properly and safely test for allergies. Reacta is dedicated to developing a portfolio of OFC solutions that will revolutionize the approach to food allergies are diagnosed throughout the world.
Although the concept of OFCs is not new, Reacta claims that their products are the first ever pharmaceutical-grade, dose-controlled, standardized, and masked OFCs that exist in the market.
Food allergies impact around 250 million individuals worldwide, with approximately 8.5 percent of the UK population estimated to be suffering from the same.
Oliver Wheatley and Mike Bakewell, Development Bank of Wales, stated that the bank has backed Reacta with equity funding as a patient investor since 2019. With the bank's sustained assistance, the company has been able to improve its diagnostic tools and extend its skills from its North Wales base.
Importantly, they have now gained the support of Praetura Ventures, allowing the team to scale up for future expansion.