Ten Bio says the investment will enable it to continue the roll-out of its service business and to “develop further product offerings.”
Dundee University tech spin-out Ten Bio has gained more than £900,000 to aid the ‘transformation’ of pharmaceutical and cosmetic product testing.
The tech firm’s funding round was led by TRICAPITAL, with matched funding from Scottish Enterprise.
Funding will be used to commercialise its human skin culture system, Ten Bio says, which provides an alternative to animal testing.
Additionally, the money will also enable it to continue the roll-out of its service business and to develop further product offerings.
Ten Bio is currently headquartered in Dundee but says it plans to open a laboratory in Kannapolis, North Carolina to serve its US-based customers.
Commenting on the funding round, Moray Martin, CEO of TRICAPITAL, said: “TRICAP is delighted to be supporting the excellent Ten Bio team as they transition from the laboratory into the commercial world.
“Ten Bio’s in vitro science and technology offers a reliable and credible alternative to some usage of animal testing and thus more accurate testing of products en route to market for both pharma/biotech and cosmetic companies.
“This is an innovative company with an exciting commercial future that we are honoured to be sharing with them.”
Founded by Dr Robyn Hickerson and Dr Michael Conneely, Ten Bio builds on years of research into its TenSkin tech which mimics intact, living skin. This provides a tool for skin biology research and pharmaceutical and cosmetics testing.
The firm has already signed research contracts with global companies, and it is anticipated that its first products will soon be available in the US market.
Commenting on the news, Dr Hickerson said: “The response to our technology from major dermatology and cosmetics companies has already been incredible.
“They have been waiting years for a solution like TenSkinTM, which provides a reliable, consistent way of testing their products in an ethical manner.”
Previously, Ten Bio won the Scottish EDGE award last year, receiving a £65,000 prize package.
The firm was one of three to receive an IBioIC supported EDGE Award, splitting a total of £155,000 was shared among the three biotechnology start-ups.
Source: DIGIT