Lab21 secures £2.2m for expansion
This article was originally published in Clinica
Lab21's international growth plans have picked up momentum after the Cambridge, UK-based company raised £2.2m ($3.3m) in the first tranche of an over-£10m financing round. The funds came from two new investors – US-based Nexus Medical Partners and Rowan Dartington in the UK – as well as existing shareholder Merlin Biosciences. Lab21 will use the new capital to consolidate its presence in the North American market by establishing a base in South Carolina. In addition, the funds will go towards closing a series of planned acquisitions to grow Lab21's technology and commercialisation capabilities, CEO Graham Mullis told Clinica. The company expects to complete two acquisition deals in Europe during the first half of 2009.