LAB901 SECURES £3.5 MILLION EQUITY FUNDING TO EXPAND SALES AND LAUNCH NEW PRODUCTS
Edinburgh, UK – Lab901 Limited, a developer of innovative automation for life sciences based in Loanhead, Edinburgh, has raised £3.55 million in its latest equity funding round. The financing syndicate was led by new investor, Alliance Trust Equity Partners (ATEP), together with existing investors, Scottish Enterprise’s Scottish Venture Fund, Archangel Informal Investment Ltd and Noble VCT plc.
The funding will enable Lab901 to expand its sales efforts and introduce new products for RNA and Protein Electrophoresis by the end of 2008.
The company’s ScreenTape® system is an automated laboratory analysis platform which enables the convenient and rapid analysis of biological samples. Typical applications include genotyping of DNA, multiplex PCR analysis, quality control of RNA samples and SDS-PAGE analysis of proteins during protein expression/purification experiments.
Commenting on the fundraising, Joel Fearnley, CEO and co-founder of Lab901, says, “We have ambitions to be a global player in this market following successful take up of our products in both Europe and Asia. The latest round of funding will help us build on the sales of these first DNA analysis products and continue the development of our pipeline products.”
Richard Rowling, Lab901’s Sales & Marketing director added “We are now well placed to take advantage of the large existing markets for RNA quality control and protein electrophoresis as well as developing markets for multiplex PCR diagnostics. We are forming strong commercial relationships with development partners and re-sellers that will take Lab901 to the next level of growth and expansion.”
Lab901 was founded in 2002 and is based in Edinburgh, UK. The D800 ScreenTape® for DNA analysis is the first product from a pipeline of consumables that will be run on the company’s TapeStation™ instrument.
About Alliance Trust Equity Partners (ATEP)
ATEP is a wholly owned subsidiary of Alliance Trust PLC and is focused on the provision of private equity finance. Alliance Trust PLC, a FTSE 100 company, is an international investment and financial services group, specialising in fund management, pensions and investment services. Alliance Trust PLC is currently the UK’s largest generalist investment trust company investing on a global basis across all major markets and sectors.
About Archangel Informal Investment
Archangel Informal Investment is Scotland’s leading Business Angel Syndicate and was the first investor in Lab901 in 2002. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies. www.archangelsonline.com
About the Scottish Venture Fund
The Scottish Venture Fund provides investments of up to £2m per transaction in partnership with the private sector on at least a matched funding basis in syndicated transactions, typically, between £2m and £10m. Further information on Scottish Enterprise investment funds is available at www.scottish-enterprise.com/equity