Lab901 receives second round of equity funding

09 February 2004

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Scottish technology company, Lab901 has today secured second-round funding of more than Â£1 million to launch a system which will cut processing times in half, drive down costs and shrink required laboratory equipment to shoebox size. The ScreenTape system is poised to revolutionise analytical testing across the multi-billion pound global life sciences market through the introduction of miniaturisation, automation and integration techniques that eradicate much of the human intervention traditionally required. The initial application for the ScreenTape system involves the controlled separation and analysis of DNA material using electro-optical imaging techniques. The funding package, which includes follow-up equity investment by Archangel Informal Investments, supported by the Scottish Enterprise Co-Investment Fund and the Business Growth Fund, together with a Scottish Executive SPURplus award, will enable the Midlothianâ€“based company to advance its prototype ScreenTape to pre-production stage. The latest injection of capital will also allow the company to double the size of its team, expand its Loanhead premises and ramp up marketing activity in a bid to quickly establish the system as an industry standard. Targeting the pharmaceutical, biotechnology and diagnostic markets, Lab901 is forecasting being in production by 2005 and achieving sales in excess of Â£20 million within five years.