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Lab901 Raises $4M in Equity Funding

NEW YORK (GenomeWeb News) – Scottish DNA analysis firm Lab901 has raised £2.4 million ($4 million) in equity funding from a group of UK investors, the company said today.

Lab901 plans to use the financing to expand international sales of its ScreenTape analysis platform and to continue to develop its products.

The new funding came from Archangel Informal Investment, Alliance Trust Equity Partners, Scottish Enterprise, Foresight 3 VCT, and TriCapital.

The firm's ScreenTape platform is aimed at replacing manual analysis of proteins, DNA, and RNA, in infectious disease testing. It is now being sold in 20 countries in Asia, the Americas, Europe, and in Africa, through a network of 16 distribution partners.

The company said its Protein ScreenTape may be used in life sciences research and drug discovery for quality control during antibody production and for monitoring protein purification, and its DNA ScreenTape has applications in research as well as molecular diagnostic testing for infectious diseases.

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