OBN Member Biogelx Ltd, a biomaterials company, based at BioCity has announced significant growth plans to expand into overseas markets and to double the headcount after receiving a Series A finance injection of £630,000.
The firm has attracted funding from the Scottish Investment Bank, Jonathan Laredo of Peak Capital Advisors, the University of Strathclyde and Gabriel Investments.
A University of Strathclyde spin out company, Biogelx produces leading edge peptide hydrogels which are used in research and have potential regenerative medicine applications. They have a unique offering that has ignited huge interest in the global cell culture market and recently the company has significantly expanded its customer base into Spain, Italy, Portugal and Korea.
This round of funding will allow further development into the lucrative US market, specifically allowing Biogelx to expand its recently established New York office, to improve support for existing customers and enhance its company profile.
Closer to home at BioCity Scotland, Biogelx plans to double headcount numbers from seven to fourteen members of staff within the next year and to achieve a year on year doubling of turnover over the next five years.