The firm has attracted funding from the Scottish Investment Bank, Jonathan Laredo of Peak Capital Advisors, the University of Strathclyde and Gabriel Investments.
A University of Strathclyde spin out company, Biogelx produces leading edge peptide hydrogels which are used in research and have potential regenerative medicine applications. They have a unique offering that has ignited huge interest in the global cell culture market and recently the company has significantly expanded its customer base into Spain, Italy, Portugal and Korea.
This round of funding will allow further development into the lucrative US market, specifically allowing Biogelx to expand its recently established New York office, to improve support for existing customers and enhance its company profile.
Closer to home at BioCity Scotland, Biogelx plans to double headcount numbers from seven to fourteen members of staff within the next year and to achieve a year on year doubling of turnover over the next five years.
Biogelx was one of the first tenants to move into BioCity Scotland in early 2013. Dr. David Lightbody, CEO of Biogelx Ltd, said “It’s a very exciting time for Biogelx as the company takes its first steps in to the global market. Since inception, we have received invaluable support from BioCity Scotland and they has really provided us with a springboard to success. Key to our success will be to build-upon our achievements at BioCity so we’re delighted to expand this team further here.”
Dr Diane Harbison, Managing Director of BioCity Scotland said: “As one of our first tenant companies, we have worked with Biogelx every step of the way to foster their remarkable success.
“BioCity Scotland provides so much more than high spec laboratories and office space. It’s the access to expertise, finance and a community of like-minded people that really nurtures spin out companies and helps them to achieve such a high success rate. This is case and point for Biogelx as it begins its’ journey as a market leader.”
Stuart MacKenzie, Commercialisation Infrastructure Manager of the University of Strathclyde said: “The University is delighted to have participated in this significant round of investment for its spin-out Biogelx. We welcome this latest major step towards establishing Biogelx in the cell culture market and allowing the spin-out to develop further markets in stem cell and possible future therapeutic applications.”