Cambridge clinical firm receive £5m funding for growth
Medicine and clinical diagnostics specialists Lab21 have received a new £5m package from Clydesdale Bank.
Supported by Clydesdale Bank’s Growth Finance team, the deal will help Lab21’s growth plans, and provide potential for further financial support.
The Cambridge-based Lab21 also has facilities in South Carolina, and provides diagnostic products and services.
Its customers include major pharmaceutical companies, other diagnostic manufacturers, clinical laboratories and biotechnology companies.
The company operates across two division; a clinical laboratories division which develops molecular diagnostic services for patients, clinicians and the pharmaceutical industry in oncology and infectious diseases; and a diagnostic products division, which develops and manufactures a range of infectious disease tests, including malaria, Chagas, syphilis and cytomegalovirus.
Sandra Hope, Director, Growth Finance at Clydesdale Bank, said: “This is certainly a rapidly growing and innovative healthcare company at the forefront of its field.
“It has a 21st century vision for medical care, and its prospects for growth are matched by the management team’s determination to succeed.”
Susan Lowther, Chief Financial Officer of Lab21, said: “With the investment from Clydesdale Bank, Lab21 is looking to expand its GMP manufacturing capability and expand its international sales channel particularly into the world’s largest healthcare market, the US.
“I am delighted to have completed this finance round with Clydesdale with their ability to support high growth SMEs in today’s difficult financial markets.”
This was posted in Bdaily's Members' News section by Tom Keighley .