A SCOTTISH biotech company focused on the global cell culture market has secured £630,000 of funding to support its continuing overseas expansion.
Biogelx, whose hydrogels are used for research and have potential applications in regenerative medicine, has secured the backing from the Scottish Investment Bank, Peak Capital Advisors, the University of Strathclyde and Gabriel Investments.
Having recently established markets in Spain, Italy, Portugal and Korea, the Strathclyde spin-out will use the funding to build its presence in the US, where it recently opened an office in New York.
Biogelx plans to double its headcount at its BioCity Scotland base to 14 over the next year, and double turnover over the next five.
Chief executive David Lightbody 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 it has recently 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."
Diane Harbison, managing director of BioCity Scotland, said the experience of Biogelx shows there is more to the facility 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," she said.
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