The British Business Bank is a government-owned development bank created to increase the supply and diversity of finance for smaller businesses in the UK.
The funding will increase clinical capacity and support the delivery of Phase I trials for novel medicines.
"BDD is an excellent example of an ambitious and innovative Scottish life science company with global reach. Its patented timed-release technology, alongside world-class clinical trial services offering, created a compelling proposition for the pharma industry. Building on a successful 18 months after the challenges of the pandemic, the company is well poised to pursue its growth strategy. We’re excited by what the future holds for BDD and looking forward to supporting Carol and the team."
— Sarah Hardy, Head of New Investments and Director
The investment round was led by Archangels to help the life science firm advance its cell analysis platform.
"We are uniquely positioned in harnessing the power of consumer electronics technology to meet the emerging, complex needs of the bioprocess industry. On the back of a very successful year for Cytomos, this new funding will now allow us to scale up our engagement with industry partners. We truly believe that, through our CDS technology, we offer a powerful platform which will help the scientific community bring novel therapies to market faster and radically reduce costs by making better informed, game-changing decisions a lot earlier."
TSP Ventures co-led the round, supported by Foresight Group, the British Business Bank, the University of Nottingham, and angel investors.
"We are delighted to be joining the Promethean Particles team and becoming a part of their onward journey. On the current trajectory, global warming is predicted to reach 2.7°C by 2100. Hitting the 1.5°C target established in the 2015 Paris Agreement will require a 45% reduction in annual global emissions by 2030. However, even with all the current climate pledges and commitments, global emissions are set to increase significantly over this period. At TSP, we believe that hitting, or even getting close to this target without carbon capture is now virtually impossible. Bringing down the cost of carbon capture (both point-source and Direct Air Capture) is essential and as Venture Capitalists, we believe it is our role to support emerging, World-changing technologies through the difficult development period to full commercialisation. Under the experienced leadership of CEO James Stephenson, we are certain that the Promethean team have all the necessary knowledge and expertise to scale this technology."
The Leicester software firm has raised a further £1.3m from the MEIF Proof of Concept and Early Stage Fund, Mercia EIS Funds and angels.
"This investment is key to the next level of growth within our business. The next 12 months are going to be very exciting, seeing us reach other markets and geographies with a product that is always innovating for the good of our customers."
