Edinburgh-based Cytomos Secures £4M Investment
Summary
Cytomos, an Edinburgh-based life science company that has developed a proprietary new approach to analysing cells, has secured \xa34 million to scale up market-testing of its technology platform Cytomos Dielectric Spectroscopy (CDS).The investment round was led by existing investors Archangels with participation from Old College Capital, Scottish Enterprise and new investor British Business Bank.Cytomos has developed CDS to address the unmet needs of the biopharma industry, providing a groundbreaking high-speed, scalable and low-cost revolution beyond current cell analysis systems. Therefore, the ability to fail fast minimises sunk costs in terms of time and operating expenditures.Through its CDS platform, Cytomos seeks to empower biopharma startups to bring novel therapies to market faster and radically reduce costs by enabling critical decision making much earlier.New investment will enable Cytomos to significantly advance the development of its technology and substantially expand the team. The company is targeting commercialisation of its platforms in 2024.Over the past year, Cytomos has grown its operational management and strategic team with the appointments of David Rigterink (CEO) and Lindsay Fraser (CSO) who have driven the companys industry engagement with well-known force multipliers in the bioprocessing and cell and gene therapy space including global Contract Development and Manufacturing leaders, bioprocessing solution market leaders, as well as cutting-edge TechBio partners set to dominate the Advanced Therapy and Medical Products (ATMP) space.Sarah Hardy, director and head of new investments at Archangels, said: As a highly innovative, Scottish early-stage life science company with global horizons, Cytomos is an excellent fit for our investment portfolio. Were looking forward to working with David and the team as they drive the business forward, making smarter, faster and more accurate cell analysis finally more accessible.David Rigterink, CEO at Cytomos, said: 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.Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, said: Weve worked with Cytomos for many years so its great to see the team expanding and the company secure the investment needed to advance the ground-breaking CDS platform towards commercialisation next year.