Synpromics Raises £5.2m of New Investment
Synpromics is pleased to announce that it has completed a financing round of £5.2M. Participants included existing investors Calculus Capital, the Scottish Investment Bank, the investment arm of Scottish Enterprise and private shareholders.
Synpromics has grown rapidly over the past two years as it expanded its portfolio of international customers. These include leading gene therapy companies and multinational technology corporations, most recently GE Healthcare.
The majority of the new investment will be used to further develop and exemplify Synpromics proprietary 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, new purpose built, facility.
David Venables, CEO of Synpromics, commented “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. We see an exciting opportunity to fund further rapid expansion of our business, supported by our innovative science and novel capabilities.”
Alexandra Lindsay, Investment Director at Calculus Capital, added “We have been delighted with the progress which Synpromics has made since we made our first investment some 18 months ago. 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.”
Kerry Sharp, Head of the Scottish Investment Bank, said “Having supported Synpromics from an early stage it is great to see the progress that has been achieved to develop and grow the business in the highly dynamic synthetic biology industry. We look forward to continuing to work with the company, both from an investment perspective and through our account management support, to deliver its long term growth ambition.”