Close Venture Management is pleased to announce it has made a £1.5 million investment in Xceleron Limited (“Xceleron”) a contract research company providing specialist services to the pharmaceutical industry. Close was joined in the funding round by Foursome Investments who contributed a further £0.5 million, bringing the total invested to £2.0 million. The new funding will be used to provide working capital and to finance a significant growth phase in Xceleron’s development.
Xceleron, a spin out from the University of York, is the world’s foremost company using the nanotechnology of accelerator mass spectrometry (AMS) in drug development. The technologies developed by Xceleron are aimed at speeding up drug development by reducing attrition rates, especially through its innovative microdosing procedures recently endorsed by the FDA and the EMEA. Established in 1997, Xceleron has now proven the efficacy of its technologies and developed its markets. Additionally, regulators have recently endorsed Xceleron’s approach. In order to capitalise on the significant commercial opportunities available, the investment will be used to upgrade Xceleron’s AMS machine, increase the efficiency of its laboratory processes and fund the expansion of its sales activities.
Ed Lascelles of Close Venture Management said, “There is significant pressure within the pharmaceutical industry to improve and accelerate drug development, as evidenced by the FDA’s Critical Path white paper of last year. Xceleron’s novel approach to drug development is one way to do just this. We are delighted to have the opportunity to support a high quality management team in a niche industry with such potential.”
Colin Garner, CEO of Xceleron, commented, “Not only will the funding provided by Close enable Xceleron to expand its operations significantly, but their expertise in assisting companies to manage critical phases in their development will also prove invaluable. I am very excited about the future for Xceleron and, working together with Close and Foursome, we aim to reinforce our position as the leading provider of AMS services to the pharmaceutical and biotechnology industries worldwide.”
Graham Gilbert, financial director of the University of York, said, “This funding is an important step for the company and also marks a key moment in the University’s drive to use its research power to support innovation and economic growth. We are delighted to have Close and Foursome alongside us in this venture and hope to see more of such collaborations in the future.”