A UK biotech start-up has secured a major investment boost in a deal which will help the firm rapidly accelerate its life changing work.
MicrofluidX – which specialises in developing technology for cell and gene-therapy manufacturing- has raised £1.4m in seed-funding.
The cash-injection comes despite the global Covid-19 pandemic which has seen many deals put on hold.
And Antoine Espinet, Founder and CEO of MicrofluidX, said the deal would enable his London-based company to be able to embrace the future with optimism.
He comments: “We are thrilled to close this initial funding round. The funding will be used to further develop our technology, as well as fund trials with our partners.”
The deal was assisted by Harper James Solicitors who have worked with MicrofluidX for the past six months.
Corporate partner Adam Kudryl comments: “We are delighted to have helped MicrofluidX on this round of investment. It will ensure their vital work can be taken to the next level. Then deal underlines that despite the challenges which currently exist for start-ups, investment is still being offered and deals are still being done.”
Mr Espinet adds: “We are grateful for the help received from Harper James. They brought excellent advice to make sure we were getting the best deal and assisted us on all stages on this fundraising exercise”
The MicrofluidX funding comes from leading seed investors UK Innovation & Science Seed Fund (UKI2S),
Longwall Ventures, Moulton Goodies Limited, and 88 Capital with contributions from the Cambridge Angels.
The Company will develop its novel cell bioprocessing technology, utilising microfluidics to tackle the challenges associated with bioprocessing for cell and gene therapy.