NEW YORK (GenomeWeb News) – Plasticell today said that it has completed a £3.5 million ($5.6 million) two-part equity financing.
The London-based maker of high-throughput technologies for directed stem cell differentiation, said that it will use the funds to expand its business development and marketing activities as it attempts to grow its customer base. The company has developed the CombiCult technology, which is used to develop stem cell differentiation protocols.
The first tranche of the financing, bringing in £1.5 million, was completed in April 2009. The most recent investment of £2 million was closed in December 2010. Plasticell did not name the investors in the round.
The company recently inked a collaboration with Sigma-Aldrich to combine their technologies in developing stem cell research tools. Plasticell also has collaborations with GlaxoSmithKline and UCB, it noted.