Success That Really is Skin-Deep

Transcript from The Observer, 04/04/2004.

ASTOSOMES, the latest company to be spun out of Aston University's research labs, is using nanotechnology that is set to revolutionise the cosmetics industry.

The brainchild of Dr Steve Tonge the firm is developing ‘cosmeceutical' products. This uses minuscule particles to deliver active agents, such as vitamins, into the skin over long periods. The technique is a boon to the anti-ageing market because, unlike conventional skin creams, it can deliver oil-based vitamins A and E into the skin, rather than on to it. To date, only one other company in the UK is working in this field.

Astosomes used funding from the Mercia Spinner regional development fund, run by Advantage West Midlands, to set itself up as a company, and spun out in November of last year. The company was awarded £47,000, which enabled it to attract management. Now it plans to apply for an early growth fund from the RDA (Regional Development Agency) and is in negotiations with several venture capitalists about further investment.

Tonge's long-term plan for his company is to use Astosomes for the delivery of pharmaceutical drugs to the body through the skin's oily channels. He is prevented from doing this now by the strict regulations governing clinical drug trials. By starting work at the cosmeceutical level, Astosomes can launch products in a lightly regulated market and ensure speedy financial returns. Tonge's focus now is on creating revenue that allows him to plough initial profits back into the company. Then he can start developing a drug-delivery process that will allow Astosomes to evolve sufficiently to attract commercial backing from a large company.

A key element of Astosomes' strategy is to involve local and regional businesses in the venture. It will subcontract work to specialist plastics companies in the West Midlands, which will develop the formula before sending it to cosmetics companies for use in products. ‘We want to be regional players and make use of the many high-tech companies concentrated around the A38', says Tonge.

Aston University retains shares in its spin-outs but has little involvement once they are formed, and Astosomes is not exception. ‘We want to be completely separate from the University but still have links with them,' Tonge says. Once the company is making money he hopes to support a student to work on the project, and in return gain access to the university's resources and equipment.

As a member of the Medici fellowship, Tonge has had the opportunity to learn more about business and how to make a success of his company. The fellowship stimulates entrepreneurship by giving academics from the six universities in the region the chance to try their hand at commercialising research without turning their back on academia altogether.

But he is candid about the role that academics have to play in this type of commercial enterprise. ‘Academics are not the best people to run companies,' he concedes. ‘I will be ready to hand over control to new management once Astosomes finally reaches the drug development stage.'

If you have any comments about this website, please contact us.