AssayMetrics Ltd secures equity investment from Finance
Wales
26/05/10
AssayMetrics Ltd has secured an undisclosed equity investment
from Finance Wales to commercialise a prototype plate reader for
use in the biotechnology and pharmaceutical industries.
The early stage business, which is based in Cardiff, has also
received investment from a syndicate of business angels.
AssayMetrics Ltd was formed in 2004 by the company’s managing
director, Dr Pierre Graves. Headquartered in the Medicentre, in
2005 the team was enhanced with two senior scientists, Dr John
Whateley and Dr J. Anthony Smith.
In 2006 the company launched its first products, chemical dye
reagents used within the biotechnology and pharmaceutical
industries for compound screening. Subsequently, the company went
on to develop its own novel fluorescent dye reagents - PURETIME® -
before embarking on the design and development of a prototype plate
reader instrument.
The development of a plate reader instrument was a natural
progression for the company - adding analytical instrumentation
technology to its existing dye based products.
A number of existing and new high profile customers have already
expressed a wish to act as beta test sites for the new plate
reader.
Jocelyn Brown, Associate at Finance Wales, said: “AssayMetrics
Ltd is head and shoulders above many small start-ups in that they
are already attracting significant interest from leading names in
the Pharmaceutical Industry to participate in their beta test
program. We are excited to work with such a talented management
team, who possess such strong and deep commercial experience.”
Pierre Graves, CEO of Assaymetrics Ltd, added: “The drug
discovery market continues to grow despite the recession and we are
delighted to be able to place a technology in the hands of
customers that will make the process faster and more
efficient.”
Advisors on the deal were: Evolution LS – techno-commercial due
diligence; IP Pragmatics -IP due diligence; Hugh James – syndicate
legals; Ashfords – company legals
For more information, please contact:
Marianna Marks
Tel: 079 5869 0659
E-mail: marianna@mandmcomms.com