Norwich, UK 7th July 2005

Chameleon BioSurfaces receives new funding.

Chameleon BioSurfaces, a company specialising in the development of novel electro-polymers to improve the performance of medical devices, and facilitate local drug delivery, announces that it has received new funding from the Rainbow Seed Fund, and further funding from the Iceni Seedcorn Fund. This investment will enable further development of the company's patented technology and facilitate its relocation to new premises.

Chameleon's technology involves electro-deposition of functionalised polymers on implants such as coronary artery stents. The technology is protected by granted US and European patents and has very broad applications. It can be exploited in medical devices, solid state chemistry, sensors, and biochips. For medical devices, advantages of the technology include precision of manufacturing control, multi-layering and spatial patterning, and multiple options for drug release from polymer layers.

Chameleon's business model is strategic development partnerships with device manufacturers, with royalties on products.

Other Investors in Chameleon BioSurfaces include Norwich Bioscience Limited and PBL, the technology transfer company of the John Innes Centre and BBSRC.

Andrew Muir, Investment Manager at Rainbow Seed Fund, commented: "We were delighted to lead this round of investment, which will allow the company to step up the commercialisation of Chris Pickett's world-leading research in this field".

Ian Mackenzie, COO for Chameleon, commented: " Surface modification of medical devices offers great benefits for patients and practitioners, and the current funding will enable Chameleon to participate fully in this exciting area".