Cardiff-based AssayMetrics has secured investment from commercial funding company, Finance Wales, to develop a plate reader used in compound screening by the biotech and pharmaceutical industries.
The early stage business has also received investment from a syndicate of business angels.
AssayMetrics Ltd was formed in 2004 by the company’s Managing Director, Dr Pierre Graves. In 2005 the team was enhanced with two senior scientists, Dr John Whateley and Dr J. Anthony Smith.
In 2006 the company launched its first products, chemical dye reagents used within the biotechnology and pharmaceutical industries for compound screening. Subsequently, the company went on to develop its own novel fluorescent dye reagents - PURETIME® - before embarking on the design and development of a prototype plate reader instrument.
The development of a plate reader instrument was a natural progression for the company, adding analytical instrumentation technology to its existing dye based products.
A number of existing and new high profile customers have already expressed a wish to act as beta test sites for the new plate reader.
Jocelyn Brown, Associate at Finance Wales, said: “AssayMetrics Ltd is head and shoulders above many small start-ups in that they are already attracting significant interest from leading names in the Pharmaceutical Industry to participate in their beta test program. We are excited to work with such a talented management team, who possess such strong and deep commercial experience.”
Pierre Graves, CEO of Assaymetrics Ltd, added: “The drug discovery market continues to grow despite the recession and we are delighted to be able to place a technology in the hands of customers that will make the process faster and more efficient.”
Advisors on the deal were: Evolution LS – techno-commercial due diligence; IP Pragmatics – IP due diligence; Hugh James – syndicate legals; Ashfords – company legals.
SOURCE: AssayMetrics
Edited by Ellie Duncan
The early stage business has also received investment from a syndicate of business angels.
AssayMetrics Ltd was formed in 2004 by the company’s Managing Director, Dr Pierre Graves. In 2005 the team was enhanced with two senior scientists, Dr John Whateley and Dr J. Anthony Smith.
In 2006 the company launched its first products, chemical dye reagents used within the biotechnology and pharmaceutical industries for compound screening. Subsequently, the company went on to develop its own novel fluorescent dye reagents - PURETIME® - before embarking on the design and development of a prototype plate reader instrument.
The development of a plate reader instrument was a natural progression for the company, adding analytical instrumentation technology to its existing dye based products.
A number of existing and new high profile customers have already expressed a wish to act as beta test sites for the new plate reader.
Jocelyn Brown, Associate at Finance Wales, said: “AssayMetrics Ltd is head and shoulders above many small start-ups in that they are already attracting significant interest from leading names in the Pharmaceutical Industry to participate in their beta test program. We are excited to work with such a talented management team, who possess such strong and deep commercial experience.”
Pierre Graves, CEO of Assaymetrics Ltd, added: “The drug discovery market continues to grow despite the recession and we are delighted to be able to place a technology in the hands of customers that will make the process faster and more efficient.”
Advisors on the deal were: Evolution LS – techno-commercial due diligence; IP Pragmatics – IP due diligence; Hugh James – syndicate legals; Ashfords – company legals.
SOURCE: AssayMetrics
Edited by Ellie Duncan