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18 November 2004
Biopta, specialists in measuring the effect of drug candidates on human tissue samples, has closed a funding round of £575,000. The package, which comprises equity and grant, enables Biopta to extend the services it provides to pharmaceutical companies and to develop an innovative range of new instruments (Perf-Exion) to make measurement of drug/tissue interactions easier and faster. The deal was led by Braveheart Ventures, the highly regarded investment syndicate, and included the Scottish Co-investment Fund and LINC Scotland. Biopta have also accepted a Scottish Executive SPUR grant that will support part of the development cost of the Perf-Exion range. Professor Chris Hillier and Dr David Bunton originally developed Perf-Exion at Glasgow Caledonian University with the assistance of a Scottish Enterprise Proof of Concept Award. Design of the production prototype has now been subcontracted to wideblue, a division of Polaroid (UK) Ltd.
Biopta was founded in 2002 with the aim of developing technology and services that could reduce the current 85% attrition rate among drugs during clinical trials. Biopta can reduce this risk by screening early using small segments of human tissue. This allows earlier verification of predicted therapeutic responses and the identification of unexpected adverse effects. Dr Bunton said that in many cases, drugs reach clinical trials without ever meeting human biology, perhaps it isnt so surprising that many produce unexpected effects when the drug is first administered to patients and volunteers. Testing on human tissue samples is not routinely carried out because current techniques are laborious and rely on special expertise of the type Biopta has. Availability of our new instrument will change all that
With cash and more space we will be able to capitalize on rapidly growing worldwide interest in Bioptas innovative technology, said Professor Hillier. We believe we have solid foundations for accelerated growth through our product development efforts and that we can now strengthen our channels to market for both our instruments and services.
For further information please contact: Dr David C. Bunton, Biopta Ltd, CIDS Biomedical Incubator, Thomson Building, Gilmorehill, Glasgow G12 8QQ, United Kingdom
Tel: ; Fax: ; email: ; webpage: www.biopta.com
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