NEW YORK (GenomeWeb) – Oxford Genetics announced today that it has secured a £1 million ($1.2 million) investment from Mercia Technologies, which it will use to continue licensing its DNA design technology in the cell and gene therapy markets.
Earlier this year, Mercia announced that it had agreed to take a £2 million equity stake in Oxford Genetics, with one half of the investment made up front, and the other half coming before year end based on the completion of undisclosed performance milestones. Following the latest financing round, Mercia now holds a 46 percent stake in the synthetic biology firm.
"Our biotech business has grown significantly in the last year, and is now looking to reinforce its position as the world leader in DNA design, protein expression, and virus and cell line engineering," Oxford Genetics CEO Ryan Cawood said in a statement. "With Mercia's capital and support, as well as the move to our new facilities [in Oxford Science Park], we are confident that we can continue to scale the business into a global provider of synthetic biology solutions."