CN Bio Innovations Raises $9 Million USD
Product News Mar 06, 2020
CN Bio Innovations, a cell culture company that has developed organ-on-chip laboratory instruments to improve the accuracy and efficiency of drug discovery, has announced it has raised $9 million USD (circa £6.9 million GBP) investment, led by CITIC Securities Investment Co., Ltd., and supported by existing investor CN Innovations Holdings Ltd.
The funding will be used to support commercial development and strengthen CN Bio’s position in its key market, the US, whilst also expanding operations across Europe. This funding will help drive sales of the Company’s products and services including the PhysioMimix™ platform. CN Bio has also announced the relocation and expansion of its headquarters to the Cambridge Science Park, UK, including 4,000 sq. ft. of laboratory space.
CN Bio’s micro-physiological systems are designed to enable researchers to study drug metabolism, toxicology and specific disease models on single- and multi-organ systems. Providing efficiencies for pre-clinical drug testing with predictive human tissue-based data, CN Bio’s OOC technologies are able to replicate the micro-environments, cell-cell interactions and biological processes that occur in vivo, to reliably bridge the gap between traditional cell culture assays and human studies, improving drug discovery while reducing research and development costs.
Dr David Hughes, CEO, CN Bio Innovations, commented: “This investment will enable us to focus on the delivery of our business strategy and the Company’s commercial growth, while ensuring that we remain at the forefront of the organ-on-chip technologies field. We are delighted to have secured this investment from both new and existing investors, which reflects both the potential of our technology and products, as well as the unrivaled experience and capabilities of our team.”
Hao Fang, CEO of CITIC Securities Investment Co., Ltd., said: “The organ-on-chip market is estimated to grow to $220million USD by 2025, at a CAGR of 39.9%. Building on over ten years of research and development of organ-on-chip technology, CN Bio is an exciting and promising investment. We look forward to the Company’s future developments, poised to transform the process of generating human-relevant pre-clinical data to ultimately bring new medicines to market, quicker.”