The Newcastle-based firm will use funds raised to develop its models for drug discovery without animal testing.
Newcells Biotech, a British startup that specialises in laboratory models that speed up drug development and reduce the need for animal testing, has raised an additional £1.2 million in venture funding.
The brings the total raised by the Newcastle-based company, since August 2015 to £15.7 million via seven rounds.
The funds were raised from specialist asset manager Mercia Ventures, regional focused venture capital firm Northstar Ventures and regional funder North East Finance all of whom are existing investors.
Newcells is focused on driving expansion and technological innovation in response to increased market demand for its new approach to drug discovery. On the back of growth over the past year, including the launch of an imaging suite to accelerate data generation, the additional funding will support the company’s commercial strategy. Funds raised will be used to expand Newcells’ customer base and international expansion.
The use of lab models to speed up drug development has been in the spotlight after the US Food and Drug Administration passed the Modernization Act 2.0 in January 2023 which authorised the use of alternatives to animal testing for drug development. Newcells’ models mimic in vivo human physiology and provide data to improve clinical translation. It currently offers models of the retina, kidney and lung
As part of the funding round, Mark Carnegie-Brown has been appointed as chairman. His most recent executive roles include vice president of Malvern Panalytical and president of Concept Life Sciences.
