Xceleron, a company which accelerates drug development using ultra-sensitive bioanalytical analyses, has raised $2.4m in funding.
Backers include existing investors Albion Ventures and Solon Ventures.
The company intends to use the funds to to locate all of its business in its facility in Germantown, MD. Founded in 1997 in York, UK, Xceleron opened its US facility in Maryland in 2008. Now it is relocating senior analytical staff from York to Germantown, hiring new staff in Maryland and working to retain a study design and project management presence in the UK.
Led by CEO Michael Butler and Vice President Analytical Operations Stuart Best, Xceleron provides bioanalytical Accelerator Mass Spectrometry (AMS) services for accelerated early drug development. The company uses ultra-sensitive AMS to investigate the pharmacokinetics and metabolism of developmental drugs in Phase 0, Phase I and Phase II/III clinical trials.