Press Release: Newcells Biotech raises additional funding from investors
• Funding will support ongoing expansion and technological innovation for targeted solutions to accelerate drug discovery and clinical translation, and reduce reliance on animal testing
• Dr. Mark Carnegie-Brown appointed as Chairman of the Board of Directors
Newcells Biotech (“Newcells”), a leading drug discovery partner specialising in the development of in vitro models and bespoke assay services to improve the prediction of in vivo human outcomes, today announced it has raised a further £1.2m from existing investors Mercia Ventures, Northstar Ventures and North East Finance.
Newcells is focused on driving expansion and technological innovation in response to increased market demand for new approach methods (NAMs) in drug discovery. Following rapid growth in 2023/4, including the launch of a state-of-the-art imaging suite to accelerate data generation, the additional funding supports an ambitious commercial strategy. The funds will be used to further build the customer base and seek new partnerships with companies with complementary products to enhance the Company’s offering across key international markets.
The funding has come from Mercia Ventures’ Northern Venture Capital Trusts and three regional funds – the North East Venture Fund which is managed by Mercia, the North East Innovation Fund managed by Northstar Ventures and the Finance for Business North East Fund managed by North East Finance – which are all supported by the European Regional Development Fund.
As part of the funding round, Dr. Mark Carnegie-Brown has been appointed as Chairman of the Board of Directors. He brings over 30 years’ experience in the pharma industry and has held leadership roles in both corporate and biotech business environments. His most recent executive roles include Vice President of Malvern Panalytical and President of Concept Life Sciences.
The use of NAMs has attracted increasing interest after the US Food and Drug Administration passed the Modernization Act 2.0 in 2023, and authorised the use of alternatives to animal testing for drug development. Newcells’ advanced in vitro tissue models mimic in vivo human physiology, providing key data to de-risk decision-making and improve clinical translation. The Company currently offers models of the retina, kidney and lung and also provides specialist services, working collaboratively with pharma and biotech to accelerate new medicines to market.
Dr. Mike Nicholds, CEO and Co-Founder, Newcells Biotech, commented: “We have seen an upturn in demand since the FDA changed the legalisation to accept non-animal methods as alternatives to animal testing and expect the trend to continue as more companies rethink and adapt their discovery and development processes. I am looking forward to working Mark, who has a great track record in scaling companies in our sector.”
Dr. Mark Carnegie-Brown, Chairman of the Board of Directors, Newcells Biotech, said: “I am excited to be joining the Board of Directors of Newcells Biotech and working with the team to execute their growth strategy. Growth will come from a strong focus on the customer and building our services to accelerate their development timelines.”
For more information on Newcells Biotech’s suite of imaging assays and services, visit www.newcellsbiotech.co.uk
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