Newcells Biotech has successfully raised an additional £2.35 million in funding from existing investors, including Mercia Ventures’ North East Venture Fund and Northstar Ventures. This brings Newcells’ total funding to over £12 million. The Newcastle-based company provides 3D models that simulate internal human processes for drug development, replacing animal testing and providing reliable data to support critical decisions. Recent changes to FDA guidance recognize non-animal testing as a viable alternative, with demand for these methods predicted to increase. Newcells currently offers models of the retina, kidney, and lung and also provides specialist services to run customized tests. Its customers range from pharmaceutical companies to major research consortiums worldwide.
Founded in 2015 by Dr. Mike Nicholds and Professor Lyle Armstrong, Newcells Biotech increased revenue by 56% in the last financial year. The latest funding round will further the company’s growth, providing it with powerful imaging technology that can produce actionable data in a shorter timeframe and enabling it to create ten new jobs. The company plans to enhance its marketing activity and establish itself as a global leader in the field. Alex Simpson of Mercia Ventures noted that Newcells is benefitting not only the pharmaceutical industry but the patients too. The support from its investors will allow the company to continue its rapid growth and expand globally.
