Newcells Biotech, a Newcastle, London, UK-based company which specializes in 3D models, raised $2.35M in funding.
The round, which brought the total amount to £12M, saw participation from North East Venture Fund, European Regional Development Fund and managed by Mercia Ventures, Mercia’s own funds and Northstar Ventures.
The company intends to use the funds to boost its growth and help establish itself as a player in its field.
Led by Dr. Mike Nicholds, CEO, Newcells offers a 3D models that mimic processes within the body and are used by pharmaceutical companies worldwide to test the impact of their drugs, including their efficacy and safety. It provides data to support critical decisions, such as whether to continue development and commence human trials. The use of non-animal testing methods is likely to increase as a result of recent changes to the FDA guidance which recognise that they can be suitable replacements for animal testing.
Newcells currently offers models of the retina, kidney and lung and also provides specialist services to run customised tests. Customers include pharmaceutical companies which use its products for applications ranging from gene therapy efficacy to toxicity screening, and a major research consortium.
FinSMEs
14/02/2024