£496,000 equity fund raise for Penicuik based synthetic biology firm Biotangents
A synthetic biology company with ambitions to become a word leader in the engineering of biology to produce fast, sensitive, reliable and easy to use diagnostic devices has raised almost £500,000 in funding. DC Consulting assisted with securing the finance into Penicuik-based Biotangents, which was led by Kelvin Capital and supported by Scottish Investment Bank, the investment arm of Scottish Enterprise. The cash injection will be used to further develop the company’s exciting Moduleic SensingTM technology, which will be exploited in the $4bn+ veterinary diagnostics market as a product for pen-side point of care use by vets to provide timely diagnosis and improve livestock welfare and profitability.
The company expects to launch their first products in the UK in 2019, before expanding into EU and US markets by building relationships with key commercial partners to generate market share. As well as further developing the technology, the funding secured will also allow the company compare Moduleic SensingTM to the current gold standard PCR tests for BVD and Johne’s (yielding minimum viable product (MVP), a validated laboratory-based test) and design the prototype pen-side device. The next stage is to conclude partnerships to access existing sample handling, results imaging and data reporting solutions, test in the field with veterinary partners, and launch in early 2019.