Scottish Synpromics Ltd, a gene control company, has raised £5.2 million. The funding comes from existing investors Calculus Capital, the Scottish Investment Bank, the investment arm of Scottish Enterprise, and private shareholders.
Synpromics develops synthetic promoters - DNA sequences that do not exist in nature, and are designed to regulate the activity of genes. Currently, the biotech industry relies mostly on naturally occurring promoters, however Synpromics has developed technology that allows for the design of synthetic promoters to customize gene regulation at the desired level of specificity.
The company says its technology gives biological researchers, developers and manufacturers unprecedented control of gene expression through by creating a portfolio of man-made DNA regulatory sequences.
The company says it will use the majority of the new investment to further develop its PromPT™ synthetic promoter design platform. PromPT™ enables the design of unique synthetic promoters which give precise control of gene function in many areas of gene medicine including gene therapy, cell therapy and gene editing. The company is also preparing to move into a larger facility.
Synpromics has expanded over the past two years, attracting international customers including gene therapy companies and multinational technology corporations, most recently GE Healthcare.
“Since our last fundraising round 18 months ago the business has grown rapidly as we’ve signed more commercial partnerships with companies in the US and Europe," said David Venables, CEO of Synpromics, in a statement. "We see an exciting opportunity to fund further rapid expansion of our business, supported by our innovative science and novel capabilities.”
“We have been delighted with the progress which Synpromics has made since we made our first investment some 18 months ago," added Alexandra Lindsay, Investment Director at Calculus Capital. "They have a very strong team and the technology has been clearly validated through partnerships with some of the world’s leading gene medicine companies.”
Read more: Business Wire (Press release)