Cytomos secures £1.6m additional seed funding to advance cell analysis technology
Cytomos, an Edinburgh-based life science company that has developed a proprietary new approach to analysing cells, has secured £1.6m funding to progress the development and qualification of its novel cell analysis platform, Cytomos Dielectric Spectroscopy (CDS).
The fundraising round by Cytomos was led by existing investor Archangels with participation from Scottish Enterprise and Old College Capital.
Cytomos has developed its technology platform to address the unmet needs of the biopharma industry, providing a low-cost, portable and scalable alternative. CDS has the potential to help companies react in real time, enabling prioritization and “fail fast” to minimise sunk costs, both in terms of time and operating expense as well as qualitative aspects. CDS aims to enable non-specialist users to perform quantitative and qualitative cytometry without requirement for typical cell labelling reagents, delivering results faster, simplifying the logistics of testing and reducing costs.
Improved cell analysis can help to unlock multiple markets with very high growth potential, including drug development bioprocessing, vaccine production and cell & gene therapy manufacture. Analysts estimate the value of the global market for single-cell analysis is expected to reach $6.3 billion by 2026.
Dr Alan Raymond, Executive Chairman at Cytomos, said: “On behalf of our Board and employees I would like to thank our investors for their continued support of Cytomos. We now have the growth capital required to advance the development of our novel process analytical technology platform to the next phase of prototype evaluation with our strategic partners. This is an important milestone in the journey to deliver our mission to enable the development and manufacture of life saving biologic therapies”
Founded in 1992, Archangels is the world’s oldest continuously operating business angel syndicate investing in early-stage Scottish life sciences and technology companies. The syndicate was an early investor in Cytomos and has supported the team through early-stage development of the business.
Cytomos has made significant progress over the last year in developing its technology platform and has successfully tested its protype devices in the field, enabling understanding of performance criteria and areas of development focus required to meet user needs, secured the key patent for CDS in the US and appointed an experienced Board and Scientific Advisory Board. The funding will allow the company to grow its team, deliver its next generation sensor and analytics for real time monitoring and analysis of cells and expand its customer engagement.
Sarah Hardy, Director and Head of New Investments at Archangels, added: “The demand for single-cell and label-free analysis tools is soaring and the CDS platform developed by Cytomos is uniquely placed to provide a low cost, real-time format that is highly scalable. and easy to operate with a small footprint. We are excited by its potential to be truly disruptive and look forward to supporting the team as the businesses further develops its commercial viability.”
Kerry Sharp, Director of Growth Investments at Scottish Enterprise said: “Scotland’s life sciences sector is globally renowned thanks to our incredible workforce, world-class universities and innovative companies that are located here.
“Encouraging and supporting businesses in this sector, such as Cytomos, to innovate and grow is a priority for Scottish Enterprise. The technology platform developed by Cytomos enhances cell analysis and this investment will allow the company to progress this technology further, delivering potential growth opportunities and medical advances in the process.”
Archangels comprises around 120 members and a five strong full time executive team. In 2021, the syndicate invested £11.8m to reach a total of £23.6m including co-investment from Scottish Government agencies and other partners. There are currently 21 companies within the portfolio.
