The Scottish company is set to expand its life sciences business.
Arrayjet, based in Midlothian, Scotland, “uses inkjet printheads to print biological material to create microarrays” which are recognised as a “laboratory on a chip” and are used to “enhance complex drug discovery programmes and other biomedical research strategies”. Archangels Investors and Scottish Enterprises are two of the big investors showing confidence, and are said to have been instrumental in injecting “a total of £650,000 (€769,378/$868,078) into the business”.
This will be used to expand Arrayjet Advance, which is the “in-house consultancy service”, reported Herald Scotland. The investment will also help to increase the company’s “global commercial resource and bring new products to market” during its development of an “ambitious global strategy”. Arrayjet Advance was “developed to offer life science companies and research labs a dedicated microarray analytical results service” which means that they have access to Arrayjet’s laboratory and its “in-house scientific team”.
Recently Swiss firm Novartis, Philip Morris International and Beijing-based Capital Bio have signed deals with Arrayjet. CEO Iain McWilliam stated that “the original investment was pitched at £500,000 ($668,002/€592,451)”, but “the round was capped at £650,000 after investors readily pledged funds against growth plans”, adding that the “investment would help Arrayjet capitalise on the global market demand for its technology, and accelerate the company’s pace of product innovation”.
He also commented: “As demonstrated by our remarkable growth, Arrayjet is forging a strong path in the development and delivery of microarray technology for the global life sciences industry.”