BioCity spins out drug discovery firm for £1.6m

Nottingham-headquartered BioCity has spun out a drug discovery company based in Scotland.

BioAscent Discovery, based at BioCity’s Scotland site, has secured £1.6m in funding from Maven Capital Partners. BioCity has been a major shareholder in the company since its creation in 2013. The investment will help BioAscent’s growth of its drug discovery, and compound management services, it says.

Glenn Crocker, chief executive at BioCity Group, said: “This is a major milestone in the development of BioAscent, with the investment from Maven validating the successful development of the business over recent years. I am very pleased BioCity remains a major shareholder in the company and look forward to continuing to work with Maven and the management team to grow the business further.”