Plasticell has announced the completion of a two-part equity financing round, through which it has raised a total of £1.32 million from its shareholders and new investors.
The investment will provide capital to progress the biotechnology company’s therapeutic programmes, including the expansion of hematopoietic stem cells derived from bone marrow and cord blood – its lead therapeutic programme. The funding will also advance in vitro manufacturing of blood products such as platelets, red blood cells and cancer immunotherapies.
Plasticell specialises in cell and gene therapy research using massively parallel screening technologies to optimise high value cell therapies derived from stem cells. Its platform technology, CombiCult®, can be applied to any cell culture process, including biopharmaceutical production, as well as cell and gene therapy manufacturing.
In 2015 the company announced that it had received a grant of approximately £1.3 million from Innovate UK to develop GMP manufacturing for this therapy in collaboration with the University of Oxford and the Cell and Gene Therapy Catapult over three years.
Dr Yen Choo, Executive Chairman of Plasticell, said: “Together with non-dilutive financing from multiple government grants, this latest equity fundraising provides the capital required to progress our lead therapeutic programme towards the clinic.”