Aquila Biomedical, which provides testing services to help clients identify promising compounds, expects to raise a sizeable funding package after moving into new premises at the Edinburgh BioQuarter to give itself room for growth. Chairman Howard Marriage said: "The company is now preparing for a significant investment round to capture the promising start and exploit its growing international client base."
The funding will help the firm expand its service offering across a range of diseases and test mechanisms.
The entrepreneur in residence at Edinburgh BioQuarter, Mr Marriage co-founded the business with Stephen Anderton, professor of therapeutic immunology and principal investigator at the Centre for Inflammation Research at the University of Edinburgh.
The company says the two men identified a niche in the market for a contract research organisation that could utilise Mr Anderton's expertise in the field of multiple sclerosis research.
Chief operating office Clare Dorris said the move to the BioQuarter would give the company room to capitalise on its initial success while retaining close links to Edinburgh university.
Founded in 2011, the company was formerly based in a laboratory in the Queens Medical Research Institute at the university.
The Edinburgh BioQuarter was developed to help commercialise the biomedical and clinical expertise offered by the university and NHS Lothian. It opened in 2010 and is backed by Scottish Enterprise.
The BioQuarter said Aquila BioMedical is the 13th business to move into the business incubator building at the centre.