CXR Biosciences Raises Additional Growth Capital
CXR Biosciences Ltd, the innovator in new drug discovery and development technologies based in Dundee, UK, announced today the investment of £1.3M in the Company to support the global marketing of new technology platforms and services.
The investment was led by Archangel Informal Investment, an organised network of business angel investors, and included the participation of the Scottish Co-investment Fund. CXR specialises in rapid and flexible drug screening and evaluation programmes to aid companies to select drug candidates or solve problems relating to chemical safety.
The Company has primarily funded its growth over the six years since its foundation through revenues generated from its client and collaborator base of more than 60 pharmaceutical, biotechnology and chemical companies. However, the significant market potential of the humanised drug metabolism mouse models, developed as a result of the ITI Life Sciences’ Transgenic screening and Safety models (TSM) Programme, in which CXR and TaconicArtemis (Cologne, Germany) are commercial partners, justifies this investment to increase the global marketing reach of CXR. Further details on the TSM programme are outlined in the press release from ITI Life Sciences. >read more
Dr Tom Shepherd Chief Executive Officer of CXR Biosciences, said “Archangel invested in CXR at the very start of the Company when it was spun out from the University of Dundee and have been strong supporters of the company ever since. The support of Archangel coupled with the commercial approach taken by the Scottish Co-Investment Fund and ITI Life Sciences in supporting innovation is an excellent example of Scottish organisations working together.”
John Waddell, Chief Executive of Archangel Informal Investment said, “CXR has been very effective in levering the investment that it has received; the total amount of equity investment in the company has been £3.3 million, but during that time the company has used its £12 million in revenues to establish a world class infrastructure and technology base.”
CXR and TaconicArtemis will host the US launch of the first TSM humanised models, as well as CXR’s existing HRN™ mouse model, at the American Society of Toxicology conference in Seattle on March 16-19.
For further information contact:
Dr. Tom Shepherd Tel: +44 (0)1382 432163
Chief Executive, CXR Biosciences ltd. Email: firstname.lastname@example.org
About CXR Biosciences
CXR Biosciences Ltd. is advancing and commercialising innovative approaches to transform the drug development and chemical safety assessment process. As well as introducing new technology platforms to the marketplace, CXR also helps customers to take their candidate compounds through development efficiently, or to resolve problems that have been encountered, through the provision of customised solutions. The company has business relationships with over sixty customers and collaborators, including pharmaceutical companies, chemical companies, biotechnology companies, leading universities and research institutions. CXR Biosciences Ltd. is located in Dundee, Scotland. More information can be found at www.cxrbiosciences.com
About Archangel Informal Investment
Archangel Informal Investment is Scotland’s leading Business Angel Syndicate. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies. www.archangelsonline.com.