Spin-out backing strengthens University of York business links
Posted on 25 May 2005
Xceleron Ltd, a University spin-out company which provides specialist contract research services to the pharmaceutical industry, has received the backing from Close Venture Management and Foursome Investments.
Xceleron is one of 17 spin-out companies established through the University, as part of the expansion of regional clusters of digital, chemical and bioscience industries. It is a world leader in the use of the nanotechnology of accelerator mass spectrometry (AMS) in drug development.
The Head of the University's Enterprise and Innovation Office, Simon Newton, said: "This new investment is a clear demonstration of the way the University's research expertise is being translated into strong and effective businesses. The University has a core team of business development managers with industry experience to further develop the commercial opportunities from its world class research."
The University's Director of Finance, Graham Gilbert, added: "This funding is an important step for the company and also marks a key moment in the University's drive to use its research power to support innovation and economic growth. We are delighted to have Close and Foursome alongside us in this venture and hope to see more of such collaborations in the future."
The £2 million backing will be used by Xceleron to upgrade its accelerator mass spectrometry (AMS) machine, increase the efficiency of its laboratory processes and finance the expansion of its sales activities.
This new investment is a clear demonstration of the way the University's research expertise is being translated into strong and effective businesses
Simon Newton
Established in 1997, the company is based on the University's Science Park which offers modern laboratories and high quality incubation space for business as well as access to top quality research, technical facilities and a growing community of science-based and high technology businesses.
Chief Executive of Xceleron, Professor Colin Garner, said, "Not only will the funding provided by Close and Foursome enable Xceleron to expand its operations significantly, but their expertise in assisting companies to manage critical phases in their development will also prove invaluable. I am very excited about the future for Xceleron and, working with Close and Foursome, we aim to reinforce our position as the leading provider of AMS services to the drug development industry."
Ed Lascelles of Close Venture Management said, "There is significant pressure within the pharmaceutical industry to improve and accelerate drug development. Xceleron's novel approach is one way to do just this. We are delighted to have the opportunity to support a high quality management team in a niche industry with such potential."
Notes to editors:
- The University of York is ranked 6th in the UK for research quality and is the most research-efficient university in the UK
- The University of York has spun out 17 new companies in recent years and is part of the Science City York partnership which has generated over 9,000 jobs since 1997. Science City places science and technology at the heart of the local economy and aims to create a further 18,000 high technology jobs by 2021. The success of Science City is achieved through the partnership of the University with the City of York Council and through the committed engagement of the private sector.
- York was designated a Science City by the Chancellor of the Exchequer in December 2004. The University of York was cited in the Treasury's Lambert Review as the centre of an 'internationally significant knowledge-intensive cluster'.
- As part of its proposed expansion, the University plans to provide more 'incubator' space for start-up companies, particularly those which spin-out from academic departments.
- More information on Xceleron from Colin Garner on 01904 561 561.
- Close Venture Management is part of Close Brothers Group PLC, the UK’s largest quoted independent merchant bank. More information on CVM is available from Ed Lascelles on 020 7422 7830, or at www.closeventures.co.uk.
- Foursome Investments Ltd is an experienced, privately backed venture capital firm established in 1998. Foursome advises its investors on early stage and development capital opportunities in cleantech and health sector enabling technologies. More information from Alex Hook on 0207 833 0555.