Fusion IP (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce that Abcellute Tissue Bank, a subsidiary of Abcellute Holdings Ltd, Fusion IP’s cell preservation technology portfolio company, has gained a favourable opinion from a NHS Research Ethics Committee to operate as a Research Tissue Bank under NRES guidelines. The new Abcellute Tissue Bank, based in Welwyn Garden City’s BioPark, is already working with a number of UK NHS Trusts to supply fresh tissue and cells to the global pharmaceutical industry and research organisations. The launch of the new Tissue Bank is a dramatic step change for the Abcellute business, which can now offer a much broader range of tissues to supplement its existing product portfolio. To support the business, two key executives from the human tissue bank sector, Jacki Trafford and Dr. Shaun Kingston, have joined Abcellute to drive the new Abcellute Tissue Bank service forward.
Abcellute Holdings Ltd also recently completed a £220,000 funding round that will enable Abcellute to apply its proprietary transport media to human cells giving researchers across the globe access to this precious and vital resource to drug development. For the first time researchers on different continents will be able to use the same fresh cells to undertake their biomedical research improving the speed and reliability of their work.
Fusion IP and Finance Wales each invested £110,000 in the round, taking their shareholdings to 32% and 22% respectively.
Gil Black, Abcellute CEO, said:
“This is great news for Abcellute and we’re delighted that our new business will be able offer a global fresh tissue service to the pharmaceutical industry. We have a unique offering that we intend to make full use of, as we know that a reliable and ethical supply of human tissue is crucial to the drug development market. We’re also delighted that Jacki and Shaun have joined the business and we expect 2010 to be a significant year for Abcellute.”
David Baynes, Fusion IP CEO, said:
“We are very pleased to see this new team is now in place and that Abcellute is in a position to fully exploit its ‘extended life ’ fresh cells technology. We have worked closely with Abcellute and Finance Wales to support the company in this key period and are confident it will now start to show some significant sales growth.”
Paul Lee, Investment Manager at Finance Wales said:
“Finance Wales is pleased to invest in this funding round which will help Abcellute, a Cardiff University spin-out headquartered in Wales, to expand and establish its new Tissue Bank. We’re confident the investment will enable Abcellute to achieve its growth plans by building a strong team and expanding its product portfolio. “