Newcastle based human stem cell model specialists Newcells Biotech have secured a total of £5.25m worth of funding to accelerate their growth plans in the international life sciences market.
The funding comes from various sources, including Mercia Asset Management and the North East Innovation Fund support by the European Regional Development Fund and managed by NorthStar Ventures.
It will help Newcells Biotech expand their growth in 3D tissue models for drug discovery.
The investment will be used to spearhead the biotech company’s international expansion in the USA, growing its existing commercial operations and launching innovative new products. This second major investment means the company has received a total of £10m worth of funding over the last five years.
Newcells Biotech is a commercial-stage life science company exploiting its trademark technology in stem cells (iPSC) and 3-D tissues to build human tissue models.
CEO Dr Mike Nicholds said comments: “Over the last two years Newcells has made great progress in bringing innovative products and services to market that have delivered value to our global pharmaceutical customers. Whether it be in understanding how new drugs interact with the kidney or the retina, our scientists have produced data that has helped lower the risk of early drug discovery projects. The input and support of Mercia and NorthStar have been invaluable in driving forward the business. Our vision is to bring the best in vitro biology to market, improving the productivity of drug discovery and development.”