Clyde Biosciences, a biotechnology spinout from Glasgow University, has raised £2m ($3m) in its series A round from a consortium including Glasgow University Holdings, the university’s investment subsidiary.
Glasgow University Holdings was joined in the round by US-based venture capital firm Epidarex Capital and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Clyde Biosciences has developed technology to identify drug toxicity. It is currently developing its CellOPTIQ technology that will test for cardio-toxicity risks in new and existing drugs.
Margaret Craig, co-founder and chief executive of Clyde Biosciences, said: “Since its inception, Clyde Biosciences has been working hard to meet our clients’ needs in improving outcomes in drug development. This investment will help propel Clyde Biosciences to a new level, allowing us to strengthen our team, reinforce our commercial offering and broaden our geographic reach. We welcome the support of our investment partners and look forward to an exciting future.”
Jon Cooper, vice-principal of knowledge exchange and innovation at the University of Glasgow, said: “This is an important investment for Clyde Biosciences as it will enable the company to develop into international markets – providing tremendous opportunities for growth. The investment is also testament to the significant amount of work that the business, academic and commercial teams have all put into developing the company as an exciting and innovative University spin-out.”
Clyde Biosciences was founded in 2012.
