£400k injection for biotech firm
IMAGEN Biotech, a pharmaceutical research and development business, has raised £400,000 – with half the equity coming from private investor network, Envestors.
Founded in 2008, Manchester-based Imagen provides outsourcing services for drug discovery in the pharmaceutical industry.
It specialises in a technique called High Content Analysis, to test new drugs under development by analysing fluorescent by computer.
Based in UMIC’s Manchester Bioscience Incubator, Imagen Biotech will use the funds, which have been provided by private investors, to buy two critical pieces of equipment to allow it to service the outsourcing needs of large pharmaceutical companies.
It will also hire a senior scientist, and in the longer term, a business development manager.
Customers already include AstraZenece and Imagen also works with a number of other large players in the market.
The firm is already profitable business and achieved sales of £232,000 in 2010 and plans to double its turnover by 2013 thanks to the impact of the investment.
Chief executive Rod Benson said: “We are extremely pleased to have completed the investment round which will be critical in helping us to achieve our ambition in becoming one of the UK’s leading providers of outsourced research and development services to the pharmaceutical industry.
“The achievement has been made even more special having been able to source the funding and support for our development within the North West.”
Tom Wilkins, managing director of Envestors North West, added: “Imagen Biotech has an enviable client base and holds a unique position in the market with its data-handling technology and cell-screening techniques.
“This deal is a great example of how pivotal angel investment can be in unlocking growth potential of a fledgling company.”
Envestors North West is partnered with the University of Manchester Incubator Company, the University of Manchester’s Intellectual Property department and Manchester Science Parks to provide investment for enterprising technology businesses in the North West.
