Biopta, the life sciences company spun out from Glasgow Caledonian University, yesterday said it had completed a £900,000 funding round from both new and existing investors, writes Mark Smith.
The company, which is part of the rapidly growing move towards outsourced drug development and offers services using ethically donated residual human tissue from surgery as a test system for new pharmaceutical compounds, said it would use the new cash to expand its drug development services.
Investment in this funding round includes cash from Braveheart Investment and Scottish Enterprise's Co-Investment Fund - both of which have previously invested in Biopta as well as new investors.
The company's business model is based on the idea that it uses human tissues so rapidly after surgery the information about drug safety and effectiveness that the company generates is regarded as the closest possible alternative to a clinical trial.
Biopta said the investment will allow it to "greatly expand the range of services it offers and to grow its team of scientists, including the appointment of a head of R&D", who will lead the development of Biopta's new range of human tissue-based services.
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