Cambridge-based drug discovery company CN Bio has closed a $21m (£17m) Series B funding round to develop technology that it says eliminates the need for animal testing.
The company specialises in organ-on-chip (OOC) technology, a process in which engineered or natural tissues are grown inside chips to mimic human physiology.
CN Bio uses OOC tech to develop its in vitro organ models, which are then used to develop novel therapeutics. The company said this process provides a more ethical and accurate model compared to testing treatments on animals.
“We are seeing pivotal growth across our industry, whereby drug developers are increasingly recognising the potential of OOC technology to augment, supplement and optimize their workflows,” said CN Bio CEO Dr Paul Brooks.
“We have strategically positioned ourselves accordingly to respond to the market needs and are proud to have received recognition from our major shareholder, CN Innovations, and new institutional investors such as Bayland Capital, to drive this vision forward.”
CN Bio will use the new funds to expand its research and development in the OOC drug discovery space. The Series B round was led by Bayland Capital, with additional funding from founding shareholder CN Innovations Holdings.
“CN Bio has taken key steps to build a team with extensive industry expertise and robust networks across the industry, with a longstanding track record of success,” said Bayland Capital founding partner Yuexing Su.
“We look forward to the continued success for the company as it further capitalises on this unique growth opportunity and delivers on its future expansion plans to remain at the cutting edge of the field.”
The post Cambridge drug discovery firm CN Bio raises £17m appeared first on UKTN.
