Newcells Biotech receive £5m to boost liver and lung condition research
pharmafile | February 25, 2021 | News story | |
Stem cell model specialists Newcells Biotech has received £5.25 million in new funding to further their growth in 3D tissue modelling for drug discovery.
The funding, which comes from existing backers Mercia and the North East Venture Fund, is the second major investment in the Newcastle-based company
Newcells will use the money to expand into the US, where they will grow their existing commercial operation and launch new products.
The investment will accelerate the development of models for liver and lung conditions, with the company hopeful that its lung modelling could advance research into COVID-19 and its treatments.
The company will also use the funding to accelerate the commercialisation and launch of their kidney and retina treatment models in its major North American market.
Dr Mike Nicholds, Newcells’ CEO, said: “Over the last two years Newcells has made great progress in bringing innovative products and services to market that have delivered value to our global pharmaceutical customers. Whether it be in understanding how new drugs interact with the kidney or the retina, our scientists have produced data that has helped lower the risk of early drug discovery projects.
“The input and support of Mercia and NorthStar has been invaluable in driving forward the business. Our vision is to bring the best in-vitro biology to market, improving the productivity of drug discovery and development”.
Tim Levett, of Mercia Asset Management, added: “Since our first investment, the team at Newcells have made great strides forward both in the development of new organoids and in winning contracts with major global pharmaceutical and biotech companies. Our substantial investment will fund the resources that will enable Newcells to accelerate growth and become a global market leader in four high growth areas.”
Jack Goddard
