A Welsh marine biotechnology firm has received £3.8m in funding to accelerate sales of its next-generation jellyfish-based medicine.

Cardiff-based Jellagen is the first commercial manufacturer of jellyfish collagen, which is a a substance that can be used for wound care and regenerative medicine.

The firm, founded in 2013, has closed a £3.8m funding round and will use the investment to accelerate sales of its products into the cell culture market and regenerative medicine, whilst growing its specialist management team and strengthening its intellectual property portfolio.

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"Jellyfish represent a source of ‘next generation’ collagen with diverse application potential, including for research in the medical, biotech and pharmaceutical markets," said Professor Andrew Mearns Spragg, founder & CEO of Jellagen.

"Because of the evolutionary lineage of jellyfish collagen, it presents the market with a valuable alternative to more conventional sources."

The first range of products developed by the firm are cell culture reagents, which are used to grow stem cells. The firm also plans to produce medical devices engineered around jellyfish collagen.

The funding round was led by Newable Private Investing, the Development Bank of Wales, and angel investors.

"Jellagen is a great example of an exciting Welsh business that’s pushing technological boundaries," said Carmine Circelli, technology ventures investment executive at Development Bank of Wales.

"Both this funding and their recent certification show that the business has real potential to push further into the cell culture market.

"Supporting businesses like Jellagen is at the core of our mission, and we look forward to hearing of their future success."