DefiniGEN, a provider of stem cell life science products, has raised £1.5m in follow-on funding
The company said the investment will be used to fund commercial launch of new pancreatic and lung stem cell products for drug discovery and regenerative medicine.
The round was led by Cambridge Enterprise, the commercialisation arm of the University of Cambridge and 24 Haymarket, with key investors Jonathan Milner, chairman, Providence Investment Company, Parkwalk and Cambridge Capital Group also participating. This funding follows the closing of £2.28m Series A funding in 2014.
DefiniGEN said it is focused on serving the growing need in the pharmaceutical industry for more accurate predictions of efficacy and toxicity in drug candidates ahead of clinical trials.
Its platform technology OptiDIFF is a stem cell production platform for the generation of high-functionality cell types including, liver, pancreatic and lung cells.
These cells can be used as predictive in vitro models to support the development of safer and more effective treatments for diseases according to the company.
Marcus Yeo, CEO of DefiniGEN said: “In a short space of time, DefiniGEN has undergone rapid development, securing growing sales with global pharma companies.
“We are delighted to have raised the funds that will allow us to deliver new market-leading products to our customers and assist them in developing therapies for the global healthcare challenges we face today such as diabetes and liver disease.”
Jonathan Milner, chairman of DefiniGEN and formerly CEO of Abcam, said: “DefiniGEN is harnessing the power of stem cell technology to develop products that are transformational for drug discovery, enabling the accelerated development of therapies that can beneficially transform the lives of afflicted people.”