CN Bio, a Cambridge, UK-based provider of single- and multi-organ microphysiological systems, raised $21M in first close of its Series B funding.
The funding has been secured from several new investors including $10 million from Bayland Capital, and $5.5m from founding shareholder CN Innovations Holdings Ltd.
The company intends to use the funds to accelerate its product portfolio and to scale the business to support commercial expansion across key global markets.
Led by CEO Dr Paul Brooks, CN Bio is delivering an expansion strategy to meet the demand for its PhysioMimix® OOC technology and research services, and to provide clinically-relevant insights into early-stage preclinical drug discovery in a wider range of application areas, whilst reducing reliance on animal models.
Commenting on the news, Dr Paul Brooks said: “We are seeing pivotal growth across our industry, whereby drug developers are increasingly recognising the potential of OOC technology to augment, supplement and optimize their workflows.” He added: “We have strategically positioned ourselves accordingly to respond to the market needs and are proud to have received recognition from our major shareholder, CN Innovations, and new institutional investors such as Bayland Capital, to drive this vision forward. The investment is a testament to our team’s hard work and dedication to best supporting our customers to bring drugs to patients more quickly, more cost-effectively, and through less animal experimentation.”
FinSMEs
23/04/2024