Scotland’s taxpayer-funded investment bank has ploughed £5million into a device designed to cut drug deaths that is not even approved for use in the UK.
Annemarie Ward, chief executive of addiction charity Favor UK, said: “It is utterly disgraceful that millions of pounds is being spent on this ridiculous scheme when drug deaths have increased by 10 per cent in Scotland. Most of the time heroin addicts don’t have mobile phones, they sell them to get drugs, so this device is dead in the water straight away if you need a phone in your pocket.
PneumoWave is holding clinical trials of the technology.SNIB’s website said the firm, which was founded in the US, is still “working towards achieving regulatory approval in both the US and Europe”. SNIB said: “As an impact investor, the bank makes investments in businesses and projects based on their potential for both a commercial return and positive impact on society.