Muckle LLP advises pioneering spin-out in the acquisition of significant further funding
We are delighted to have supported life sciences spin-out XR Therapeutics in securing its latest round of funding.
Lawyers from our corporate team have supported the business to secure £925,000 in an investment round led by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, alongside angels to help in its next stage of growth.
Pioneering approach
XR Therapeutics shakes up the traditional way of mental health support to both children and adults. It combines Cognitive Behavioural Therapy (CBT) with Virtual Reality (VR) technologies to treat anxiety disorders.
XR Therapeutics uses VR technology to create immersive digital ‘scenes’ that are tailored to suit the needs of the patient, providing graded exposure to support the person to overcome their anxiety. A therapist, who is always on-hand during sessions, is in full control of the scenes and can adjust elements of the patient’s surroundings at any time, offering a fully bespoke experience.
Billy Webber, CEO at XR Therapeutics, said: “Anxiety conditions can be debilitating and significantly impact people’s quality of life. Our methods are proven to be successful; whilst traditional CBT can take anywhere between 10 and 20 sessions before an individual can see any impact, we have seen our technique make a demonstratable impact in as little as one hour. This funding from Northstar Ventures and angel investors is a massive boost to our growth, enabling us to invest in our technologies, develop our business strategies and hire more staff – all with the goal of helping even more people change their lives for the better.”
Naomi Allen Seales, Investment Manager at Northstar Ventures, said: “We are delighted to have provided follow-on funding into XR Therapeutics. We are impressed with how the technology and collaborations have developed over the period since our initial investment and are excited to see the company scale further and impact more people with anxiety.”
XR Therapeutics is part of a wider success story for Newcastle University’s spin-out division, which saw a record £40m from investors split across 16 spin-outs in 2023.
Trusted advice
Sara Worsick, associate in Muckle’s corporate team, provided legal support to XR Therapeutics. Sara said: “We are delighted to have once again supported XR Therapeutics in achieving this substantial funding. The business has been growing from strength to strength since its inception in 2020, and this funding will help the business achieve even greater heights in 2024 and beyond”.
Billy added: “We continue to be impressed with the team’s excellent service and collaborative approach. Their commitment, knowledge and practical advice have been fundamental to growing the business ”.
For more information and advice, please contact Sara Worsick on 0191 211 7945 or [email protected].