Therapy Areas: Cardiovascular
Axol Bioscience Ltd raises GBP3.2m in additional funding
7 April 2022 -

UK-based biotechnology company Axol Bioscience Ltd announced on Thursday that it has raised GBP3.2m (approximately USD4.2m) in an extension of its previous funding round.

This takes the total amount raised to GBP7m (approximately USD9.2m).

The round was led by existing investors Calculus Capital, Par Equity and Scottish Enterprise, with support from Meltwind, including early investor Dr Jonathan Milner.

Axol intends to use the funds to bring new human induced pluripotent stem cell (iPSC) products and service solutions for cardiac, neuroscience and immune cell modelling to the drug discovery and screening markets, including the company's recently developed comprehensive in vitro proarrhythmia assay (CiPA)-validated human iPSC-derived cardiomyocytes. The funding will enable Axol to further optimise cell culture quality and iPSC manufacturing capabilities at its Edinburgh, site based at the Roslin Institute, as well as support recruitment efforts to expand its commercial team. It will also facilitate the continued development of Axol's digital platform, the company said.

(USD1=GBP0.76)

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