Aelius Biotech, a Newcastle Upon Tyne, UK-based testing services provider for pharmaceutical and nutrition companies, raised $1.25M in funding.
The round was led by North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures.
The company intends to use the funds to meet demand by relocating from the university into laboratories in Newcastle, and expand its five-strong team with the creation of ten new jobs in the next two years.
Founded by Dr Peter Chater, Dr Matt Wilcox and Professor Jeff Pearson, Aelius Biotech is a biotech company, spin out from Newcastle University, that has created a model of a human gut to trial new drugs and foodstuffs without the use of animals. Its model can simulate all three stages of the digestion process – from substances passing through the gut, crossing the mucus layer on its surface and being absorbed into the body. By giving companies an insight into how their product performs and is absorbed into the body, it can help de-risk product development and improve formulations to make them easier to absorb and more effective.
FinSMEs
23/11/2023