Aelius Biotech raises £1.3m from the North East Venture Fund to expand operations and research.
The funding round was managed by Mercia Ventures and will support lab relocation and team expansion.
Aelius Biotech provides laboratory testing services using an innovative gut model to simulate human digestion for the food and pharmaceutical industries. The company was founded by university researchers to offer alternatives to animal testing.
Aelius Biotech has secured £1.3m in investment from the North East Venture Fund to support its expansion and ongoing research. The round was managed by Mercia Ventures and backed by the European Regional Development Fund.
The capital will be used to relocate the firm into dedicated laboratories in Newcastle and expand its team by creating ten new jobs over the next two years. Funds will also support the automation of its human gut model and increased sales and marketing activity.
The company was founded in 2018 as a spin out from Newcastle University by Dr Peter Chater, Dr Matt Wilcox and Professor Jeff Pearson. Its technology allows major pharmaceutical and nutrition brands, including Huel, to test product formulations and absorption rates without animal testing.
From the founder
"Formulation development is one of the big challenges faced by our customers and because of the limitations of current laboratory models, a lot of testing is done in animals. Apart from ethical issues, this is expensive, time-consuming and the results are often not replicated in human trials. Our unique model simulates the processes of digestion and absorption in a single lab system, giving customers vital data on how their formulations perform early in the development process and without the need for animal testing. We are excited to secure backing from Mercia and the NEVF to support our mission to make Aelius Biotech a trusted global leader in this field."
Peter Chater
CEO at Aelius Biotech
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Invest in sales and marketing
Investors
About the company
Aelius Biotech
Aelius Biotech develops laboratory gut models to test drugs and foodstuffs without animal trials.