Arcinova, an Alnwick, Northumberland, UK-based pharmaceutical company, secured £5m in growth funding.
BGF made the investment.
The company intends to use the funds to drive continued innovation as well as international expansion.
Founded in 2016 by Professor Ian Shott CBE (CEO), and Paul Ryan (CFO) after the acquisition of a 15,000m2 contract research facility in Alnwick, previously owned by Covance, Arcinova is an Agile Contract Research and Development Organization (CRDO), providing pharmaceutical industry players with a comprehensive range of services (including Active Pharmaceutical Ingredient (API) manufacture, drug substance synthesis, formulation and manufacture as well as bioanalytic, metabolism and radiolabelling services) to support the development of drugs for the treatment of life-threating illnesses including cancer.
Arcinova currently works with 125 biotech and pharma companies, generating revenue of close to £9m in the past two years.
Following an introduction by BGF, the company has appointed Mike Hudson, co-founder of Neuropharm, as non-executive Chair.