The Newcastle University spinout will use the funds to develop the company’s sales and drive widespread adoption of its biological transport technology.
Newcastle University spinout Atelerix has raised £750,000 in a second round of venture funding. This brings the total amount that the biotech has raised to £2.4 million since 2018.
The firm has developed a more efficient way for biosamples, essential for drug discovery and pharmaceutical research, to be stored and transported.
Preserving the integrity of biological samples like cells, tissues, viruses, and blood products during transport between multiple sites is a challenge. Reliable drug discovery, accurate diagnoses and efficient clinical trials depend on reliable sample preservation.
The widely used traditional cryopreservation method can reduce cell viability by up to 50% post-thaw while also requiring costly and specialised equipment. Moreover, complex cell-based models, tissues and blood products cannot be frozen at all resulting in a tight, inflexible, high-wastage supply chain for fresh products.
Atelerix says that its hydrogel encapsulation technology enables cells to maintain over 90% viability for 14 days at room temperature, reducing costs by 50-80% per shipment.
A new standard in cryologistics
Founded in 2017, the firm will use the investment to develop the company’s branding and sales efforts and drive widespread adoption of its technology.
“Atelerix is transforming biological transport by eliminating the need for deep freezing, setting a sharp new standard that displaces traditional cryologistics,” said chief executive Alastair Carrington.
“This funding enables us to accelerate the global adoption of our technology, expand our customer base, and advance our mission to create a more efficient, cost-effective, and sustainable future for bioscience,” he continued.
The round of funding was led by ACF Investors, a privately managed and commercially focused venture capital fund, and biotech specialist investors o2h Ventures.
