Gendel Limited

Crescent Capital made its initial investment in this business in March 2000 when the technology was still at a preliminary stage. The company raised a second round of £2m in January 2002.

Gendel was a research company based in an incubator unit on the University of Ulster’s Coleraine campus. Crescent Capital was part of a syndicate of 3 VC’s who invested originally and Scottish Equity Partners came on board in the second round.

The business was established as a spin out company to develop a new targeted drug delivery system based on early research carried out in the University of Ulster. It made advances in methods of loading red blood cells with specific chemicals and in sensitising these cells so that they will release their loads in response to an ultrasound stimulus.

Crescent divested its investment to another investor. The company subsequently failed to achieve traction with its technology and the business closed down.