Bioscience Ventures gets £2m capital injection
This article was originally published in Clinica
Bioscience Ventures, a joint venture between the UK's University of Birmingham and specialty diagnostics company Abingdon Health, has received £2m ($3m) in new capital from its co-owners. The JV, established in November 2010 to develop and commercialise immunodiagnostic products from Birmingham Uni's IP (www.clinica.co.uk, 8 November 2010), will use the funds to accelerate development of its two portfolio companies: SeraScience, which is developing point-of-care tests for diagnosing myeloma; and AltaBioscience, which offers specialty chemical synthesis and analysis services. Edgbaston-based BioScience Ventures itself is also developing a proprietary urine test for diagnosing adrenal cancer. The funds will also go towards further investment in new opportunities within the university's IP.